SB 700 and HB 1575 will require a vote in order for local taxing entities to raise property tax rates more than five percent in any given year. HB 1575 also allows property market values to be appraised based upon the property’s current use, instead of its best potential use – which is how property is appraised now.
These bills have been sponsored by State Sen. Dan Patrick (R-Houston) and State Rep. Carl Isett (R-Lubbock). Send these guys a note of thanks.
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