Vance Ginn, chief economist of the Texas Public Policy Foundation (TPPF), is advocating for measures that would provide property tax relief.
"Whether rich or poor, urban or rural, homeowner or renter, Texans face an affordability crisis that can be helped with property tax relief," Ginn said in a recent newsletter. "And they want it now. ... No matter how you slice it, Texans everywhere need property tax relief."
In a newsletter outlining his testimony before the Senate Finance Committee, Ginn referenced previous reporting by the Austin Journal to support his assertion. He advocated for lowering the property tax burden on Texans throughout the state, noting that many are having a hard time meeting their cost-of-living obligations.
"Texans are facing a crisis when it comes to paying for their skyrocketing property taxes, inflated bills, and saving for a rainy day," Ginn testified before the Texas Senate Finance Committee, as reported by the Austin Journal, "In fact, many Texans are living with the fear that exorbitant taxes could take their home away or keep them from buying their first home."
In his testimony, Ginn also said that over the last 20 years, property taxes have increased 81% faster than the preferred rate. The preferred rate is measured as population plus inflation. To help solve the issue, he proposed reducing local maintenance and operations as well as property taxes gradually until the year 2033. At that time, they would be completely eliminated, easing the burden on Texans. Funding from the state surplus would buy down rates.
A main concern of reducing the taxes was reduced school funding, but Ginn assured the committee that it would not be an issue. A possible effect could be a delay in the buydown during that time period.
Additionally, Ginn said that Texans across all economic levels could see up to an 80% reduction in their taxes.