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Seal of the Senate of the State of Texas Welcome to the Official Website for the Texas Senate
Seal of the Senate of the State of Texas
Welcome to the official website for the
Texas Senate
 
Senator Jane Nelson: District 12
[SENATE SEAL]
March 2, 2015
Contact: Megan Hanson
512-463-0112
TODAY IN FINANCE

On the agenda: Property Tax Relief

  • SB 1 - Nelson
  • SJR 1 - Nelson

For the full agenda, please view the posting online

Highlights:

  • Today begins "Tax Relief Week" in the Senate Finance Committee. Today the Committee will hear testimony on bills related to property tax, tomorrow they will hear bills related to franchise, sales and other taxes, and Wednesday they will hear public testimony.
  • SB 1 by Senator Nelson
    • SB 1 increases the homestead exemption for school district taxes from $15,000 to 25% of Texas home median market value, providing approximately $2.5 billion in tax relief for the 2016-2017 biennium.
    • Statement from Senator Nelson: "Since the last time we increased the homestead exemption, property values have risen but the exemption has remained flat. SB 1 will allow the homestead exemption to go up and down with the values of homes in Texas, providing for more lasting tax relief that Texans will continue to see years in the future."
  • SJR 1 by Senator Nelson
    • SJR 1 provides for a constitutional amendment to increase the homestead exemption as defined in SB 1, and would constitutionally prohibit the creation of a sales tax on real estate transfers.
    • Provides for a September 2015 election in order to deliver tax relief by January 2016.

To watch the Senate Finance Committee hearing online, click here.


Senator Jane Nelson
Chair, Senate Finance Committee

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