Will property taxes in Texas be lowered during COVID 19?
A lot of homeowners in Texas are seeing a hike in their property values and are waiting for tax relief. Homeowners are likely to experience a tax relief because of the actions taken by the Legislature in 2019 to cut down the school district tax rates but it is likely to be less than what property owners are expecting. But, as per the opinion from the Texas Attorney General Ken Paxton, Texans cannot expect any tax relief. He says, “purely economic, nonphysical damage to property caused by the COVID-19 disaster is not eligible for the temporary tax exemption allowed by the state’s tax code.”
What is your opinion on this?
There will be no decrease in property taxes in Texas. Property, sales and oil and gas taxes are the only funding the state has since there's no state income tax and given the massive budget hole they've found themselves in given not only covid but the collapse in oil prices there's no way even if they wanted to put a tax break in that the state could afford to do it.
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