Gov. Abbott pushes compression as the state's long-term strategy to eliminate property taxes
using compression, too, but the Senate's plan also includes a larger homestead exemption of $100,000 to drive property taxes down even further than compression alone. To date, the chambers have not yet come to an agreement on which plan will make it's way to the governor's desk.
Abbott said Friday his plan is to use compression over multiple legislative sessions to chip away at the M&O tax until there is a zero balance due by the property owner. "What we want to achieve in the state of Texas is to eliminate your property taxes. Make them go away!" Abbott said."Zero is what we want you to pay for your property taxes in the state of Texas."
Abbott said they are planning to dedicate more than $17 billion from this session to buying down the M&O tax, which will cut the tax rate by 29%. The governor said that would put legislators on a path to further drive down the M&O tax in future legislative sessions until it eventually gets to zero. "That will help you achieve what TPPF wants to achieve, what I want to achieve, but most importantly, what Texans want. Texans want to own their own property, not rent it from government. We must provide that by eliminating property taxes in Texas," Abbott said.Texans want to OWN their property, NOT rent it from the government.
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