Governor Greg Abbott recently released a 25-page document outlining his 2023-24 budget plans. Included in the proposal is Texas’ largest property tax cut.
In the recent proposal, Abbott suggested a large number of recommendations for the use of the funds from the previous year. Included in the proposal were safety resources for cities and schools and a major tax break for Texans.
Abbott recommended the 88th Legislature utilize $15 billion to compress tax rates in a sustainable manner. He also recommended senior citizens be automatically enrolled in the additional $10,000 homestead exemption on school property taxes and that their county property taxes be frozen. In addition, small businesses would be provided targeted relief with an increased exemption for business personal property.
“Lowering property taxes has been a high priority not only for Texans generally, but for the legislature specifically, for the last twenty years,” Abbott said in the proposal.
Texas lawmakers have a record-setting $188.2 billion in revenue, including a $32.7 billion surplus available for general-purpose spending during the upcoming budget, an increase of 26 percent from the previous year.
“The revenue increases that we’ve seen have been, in many ways, unprecedented, and we cannot reasonably expect a repeat,” said Texas Comptroller Glenn Hegar in a press release on Jan. 9 as he released the Biennial Revenue Estimate (BRE).
Also included in the budget is a number of resources for schools. Abbott recommended an Education Savings Account — allowing parents to receive public funds to cover educational expenses — including private school tuition, online learning programs, higher education expenses and others.
School safety was also a priority in the proposal. Abbott proposed the use of around $750 million in funds to improve school safety, asking lawmakers to use at least $600 million to make “necessary school safety improvements, including technology upgrades, hardening equipment, and expanded mental health resources as well as other school safety needs.”
“Today, we gather at the threshold of a legislative session that will transform the lives of Texans for decades to come,” Abbott wrote. “We will build on the legacy of freedom and opportunity entrusted to us and create a Texas where all Texans can chart their own destiny. Together, we will build the Texas of tomorrow.”
To see the full list of proposals visit the Governor's budget.
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