Local State Sen. Lois Kolkhorst has filed a number of bills aimed at limiting aggressive property tax appraisals and increasing funds for local schools.
Kolkhorst filed the bills during the current special session.
Senate Bill 118 would lower the maximum increase in the appraised value of a residential homestead from 10 percent to 5 percent, which would prevent the local appraisal district from drastically raising the appraised value of a person’s homestead each year.
Kolkhorst also addressed commercial and industrial property, with Senate Bill 117, which would limit the increase in the appraised value to 20 percent above the appraised value of the property for the preceding tax year, plus the value of improvements to the property, or the market value of the property, whichever is less.
To increase funds for public schools, Kolkhorst filed Senate Bill 116 which dissolves the Texas Economic Development Act, which grants property tax abatements commonly known as “313 Agreements.” Abatements granted under the program result in approximately $1 billion per year in lost tax revenue to school districts, forcing homeowners and other businesses to pick up the lost revenue.
Kolkhorst says the legislative package, “will broaden the conversation because high property taxes and aggressive appraisals are still huge problems.”