Texas homeowners hoping to cut their property taxes may be disappointed as the proposed appraisal cap idea, which would limit year-over-year increases in appraised home values, is unlikely to become law. A recent Houston Chronicle article by Jeremy Wallace highlights the many reason’s why such legislation is unlikely to pass. The idea would ultimately shift the tax burden from properties with homestead exemptions onto unexempted properties, such as rental and commercial properties, and are generally seen as benefitting the wealthiest property owners disproportionately.
Despite the idea’s popularity with homeowners, their has been significant opposition from both Republicans and Democrats, as well as special interest groups like the Texas Association of Realtors and the Texas Taxpayers and Research Association.
In the past several years, lawmakers have passed a series of property tax reforms aimed at reducing growth of property tax bills, however the effect has been slow to non-existent. For owner-occupied properties in Bexar County, the average property tax bill finally dropped in 2022 by about $70. In Harris County, the drop was $50. Essentially nothing when you consider the increase of inflation in 2022.
Property owners do have one weapon in their arsenal for keep their taxes as low as possible; protesting their annual tax appraisal. Don’t wait for the blowhards in Austin to save you. We recommend every property owner protests their property taxes every year, or better yet, have a pro do it for you.