Homeowners in the Lone Star State might have already noticed lower property tax bills this year, thanks to a Texas property tax relief package (Proposition 4) that became effective last year. The compromise between Texas lawmakers, which came after many months of disagreement, includes an increased homestead exemption and property tax cuts for businesses and homeowners. Texans approved the tax package last November.
In a statement released after lawmakers reached the deal, Texas Gov. Greg Abbott referred to the more than $18 billion in tax cuts as a "comprehensive, long-lasting solution to increasingly burdensome property tax bills."
