Duval County taxpayers will receive a tax cut of up to 10 percent, a Texas state representative said.
Rep. Ryan Guillen, D-Rural South Texas, told the Alice Echo-News Journal that increasing property taxes are “causing families to lose their hard earned property.”
“Homeownership is vital to our economy and to the American dream, and this tax cut will provide real relief to those taxpayers,” Guillen stated.
The state share of school funding has decreased with the increase of local property values. New legislation requires the state to increase their share of school funding, which allows for a cut in in school property taxes.
According to Guillen’s office, school property tax rates will be reduced in Freer Independent School District by an estimated 11 cents, 9.4 percent, per $100 of a home’s value in 2020 and a further one cent in 2021, reducing it by an estimated total of 10.26 percent. Also, school property tax rates will be reduced in Benavides Independent School District, San Diego Independent School District, and Ramirez Consolidated School District by an estimated seven cents, 6.73 percent, per $100 of a home’s value in 2020 and 2021.
An owner of a $100,000 home would see a decrease of about $110 in 2020 and an additional $10 in 2021, for a total of about $120 per year after 2021.
To get the lower amount, the 2018 tax rate is reduced by applying the state compression percentage of 93 percent, meaning school property taxes across the state will decrease by a minimum of seven cents.
This article was first published by The Center Square.