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Old 04-11-2019, 10:33 AM
 
208 posts, read 106,580 times
Reputation: 373

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https://www.texastribune.org/2019/04...ty-tax-relief/

Texas' top three political leaders — Gov. Greg Abbott, Lt. Gov. Dan Patrick and House Speaker Dennis Bonnen — threw their support Wednesday behind a proposal to increase the sales tax by 1 percentage point in order to lower property taxes across the state.

But that's only if lawmakers agree to limit future local property tax increases.

The proposal would raise the state's sales tax from 6.25% to 7.25%, generating billions of additional dollars annually for property tax relief, if voters approve a constitutional amendment. But the idea will be a hard sell to Democrats, since the sales tax is considered regressive, meaning lower-income Texans end up paying a larger percentage of their paychecks than higher-income Texans.

"Today we are introducing a sales tax proposal to buy down property tax rates for all Texas homeowners and businesses, once Senate Bill 2 or House Bill 2 is agreed to and passed by both Chambers. If the one-cent increase in the sales tax passes, it will result in billions of dollars in revenue to help drive down property taxes in the short and long term," said a joint statement from the three Republicans.

Neither chamber has passed HB 2 or SB 2, which would require voter approval of property tax increases over 2.5%.
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Old 04-11-2019, 10:49 AM
 
380 posts, read 404,685 times
Reputation: 275
It would be nice if Texas would legalize marijuana for extra revenues to reduce both property taxes and incarceration rate across the state without increasing taxes on anything.

Washington and Colorado are enjoying the benefits of extra revenues from marijuana.
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Old 04-11-2019, 10:55 AM
 
227 posts, read 139,231 times
Reputation: 234
it is what it is. at least we don't have state income tax. I have relatives living in illinois. In certain areas of illinois, not only you have state income tax, their property tax rate is 4.65%. In dfw, one of my coworkers lives in coppell, he told me he pays around 3% in property tax each year, and 3% is probably the highest property tax rate that you will pay if you live in dfw.

Personally, as a homeowner, im not happy about paying over $20k in property tax each year, but i live here because i choose to, not because i have to. if i feel like the COL in texas is simply too high, i will just leave and go somewhere else. I think the COL in places like Tennessee, Kentucky or some of the mid west states is lower than Texas, but what kind of job opportunities do they have out there.
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Old 04-11-2019, 11:21 AM
 
Location: Dallas
206 posts, read 62,111 times
Reputation: 272
A better plan than capping the tax rate (in my opinion) is to raise the exemptions. The people who actually need the relief are the ones who should get it.
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Old 04-11-2019, 11:27 AM
 
622 posts, read 467,734 times
Reputation: 795
Even better is to assess commercial property fairly.
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Old 04-11-2019, 11:34 AM
 
8,309 posts, read 9,063,524 times
Reputation: 6672
Quote:
Originally Posted by SciFiNerd1 View Post
It would be nice if Texas would legalize marijuana for extra revenues to reduce both property taxes and incarceration rate across the state without increasing taxes on anything.

Washington and Colorado are enjoying the benefits of extra revenues from marijuana.
They are enjoying the negatives as well.
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Old 04-11-2019, 11:35 AM
 
211 posts, read 169,637 times
Reputation: 712
Quote:
Originally Posted by some1livesinamerica View Post
it is what it is. at least we don't have state income tax. I have relatives living in illinois. In certain areas of illinois, not only you have state income tax, their property tax rate is 4.65%. In dfw, one of my coworkers lives in coppell, he told me he pays around 3% in property tax each year, and 3% is probably the highest property tax rate that you will pay if you live in dfw.

Personally, as a homeowner, im not happy about paying over $20k in property tax each year, but i live here because i choose to, not because i have to. if i feel like the COL in texas is simply too high, i will just leave and go somewhere else. I think the COL in places like Tennessee, Kentucky or some of the mid west states is lower than Texas, but what kind of job opportunities do they have out there.
It drives me crazy when people start saying "as a homeowner" when talking about the property tax. Renters pay property tax. It's imputed into their rent. There is no difference between homeowners and renters in this regard.
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Old 04-11-2019, 11:41 AM
 
Location: Dallas
206 posts, read 62,111 times
Reputation: 272
Decriminalized marijuana is one thing, but are Texans really ready for legalized recreational marijuana? That’s a hard one for me to wrap my mind around.
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Old 04-12-2019, 08:21 AM
 
Location: plano
6,564 posts, read 8,091,974 times
Reputation: 5797
Quote:
Originally Posted by some1livesinamerica View Post
it is what it is. at least we don't have state income tax. I have relatives living in illinois. In certain areas of illinois, not only you have state income tax, their property tax rate is 4.65%. In dfw, one of my coworkers lives in coppell, he told me he pays around 3% in property tax each year, and 3% is probably the highest property tax rate that you will pay if you live in dfw.

Personally, as a homeowner, im not happy about paying over $20k in property tax each year, but i live here because i choose to, not because i have to. if i feel like the COL in texas is simply too high, i will just leave and go somewhere else. I think the COL in places like Tennessee, Kentucky or some of the mid west states is lower than Texas, but what kind of job opportunities do they have out there.
What kind of job opportunities in Tennessee? Take a look at Nashville, it is booming like Dallas and Houston in their heyday.I know of no other place which has all these, scenic rolling large hills, great jobs and growing rapidly in the IT area, low cost of living and nice friendly people.

It is the current mecca for my money.
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Old 04-12-2019, 08:40 AM
 
Location: North Texas
23,989 posts, read 32,793,389 times
Reputation: 27517
Quote:
Originally Posted by cordata View Post
Even better is to assess commercial property fairly.

I agree 1000% with this. We shouldn't even be discussing raising the sales tax until commercial real estate is fairly assessed.

Quote:
Originally Posted by Johnhw2 View Post
What kind of job opportunities in Tennessee? Take a look at Nashville, it is booming like Dallas and Houston in their heyday.I know of no other place which has all these, scenic rolling large hills, great jobs and growing rapidly in the IT area, low cost of living and nice friendly people.

It is the current mecca for my money.
*runs off to look at Nashville*
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