LEGISLATORS REACH DEAL ON PROPERTY TAXES/SCHOOL FINANCE REFORM

  

State legislators say they have reached a deal that would lower property taxes and reform public school finance.

Lt. Gov. Dan Patrick claims this is among the most impressive accomplishments reached by Texas lawmakers.

The deal could mean property owners would see an average reduction of 13 cents per $100 valuation in school taxes by 2021.

Governor Greg Abbott says the bill will also provide 2.5 percent in tax compression that year.

The agreement would also reduce the distribution of funds from property-rich to property-poor districts, by $3.6 billion, increasing the state share of education funding by seven percent, up to a total of 45 percent.

The deal will also mean approximately $4.5 billion more going into classroom programs, most of it focused on economically-disadvantaged students.

All schools would receive more money per student through an increase in the principal variable in the school finance formula system.

According to Patrick, the average teacher in Texas will see an increase in compensation of about $4,000.

Once signed, Abbott said he believes it will benefit Texans for years to come.