James Quintero, policy director for the Texas Public Policy Foundation, recently discussed an opportunity for Texans to lower property taxes.
"American households are under pressure like never before ... but Texas households may be a different story," Quintero said, according to the foundation.
Quintero also noted the benefit Texans have to decrease property taxes, given that the cost of living has risen due to inflationary pressures.
“Texans are struggling with the inflation-related cost of living increases; but unlike others, they reside in a state with a strong conservative ethos and a robust economy,” Quintero said.
Texas Gov. Greg Abbott also weighed in on the significance of lowering property taxes.
"Texas comptroller estimates $30 billion account balance by next legislative session. We must use a substantial portion of this money to cut property taxes in Texas," Abbott tweeted.
Press secretary, Renae Eze, said that Abbott has cut property tax by more than $18 billion in every legislative session and gives it his highest priority.
“Since taking office, Gov. Abbott worked to lower the tax burdens on Texans and has emphasized property tax relief as one of his key legislative items,” Eze told Austin Journal. “He strongly supports using the state surplus to reduce the amount of property taxes owed and will work with the Legislature in the next session to do it in an efficient way that will ensure it endures for years to come, rather than as a one-time buy down.”
Appraisal rates are viewed every year to better understand and manage its increases and decreases.
Texas Real Estate Research Center's (TRERC) Texas Home Price records showed that from 2007 to 2019 there was a 3% annual increase following a 7.6% peak between January 2013 and January 2014. Although in 2020 the average rise was over 9% followed by 2021, a high of almost 20%.
“Relative differences in value increases will still impact your tax bill,” TRERC Research Economist Dr. Adam Perdue said. “If your value increased more or less than average, then your bill may increase more or less than average.”