Texas voters will have the opportunity to approve billions in property tax cuts in November. The cuts, which were passed by the state legislature earlier this year,
would reduce property taxes by an average of 40% for homeowners and 20% for businesses.
The cuts are expected to cost the state $12.7 billion over the next two years. However, supporters of the cuts argue that they are necessary to relieve the burden of property taxes on Texans.
"Property taxes are out of control in Texas," said Governor Greg Abbott. "These cuts will give Texans some much-needed relief."
Opponents of the cuts argue that they will lead to cuts in education and other essential services.
"These cuts are a giveaway to the wealthy," said State Representative Rafael Anchia. "They will hurt our schools and our state's economy."
It is unclear whether Texas voters will approve the property tax cuts. A recent poll found that 52% of Texans support the cuts, while 48% oppose them.
moneyintra.com