Abbott proposes revenue cap to lower Texas property taxes
AUSTIN, Texas (AP) — Republican Texas Gov. Greg Abbott has unveiled a plan to cut property taxes, hoping to make the proposal a centerpiece of his re-election campaign despite its needing to be approved by the Legislature.
Announced Tuesday in Houston, the plan would establish an annual property tax revenue growth cap of 2.5 percent.
Abbott’s campaign says Texas’ property taxes are among America’s highest, and that Massachusetts and New Jersey already have similar caps.
The plan would require counties and other entities to set property tax rates that ensure the revenue they generate doesn’t exceed the previous year’s total by more than 2.5 percent.
Exceeding the cap would require approval from two-thirds of local voters.
Previous efforts to overhaul property taxes and limit spending by county governments have fizzled in the Legislature.