State Rep. Tom Oliverson, M.D. (R-Cypress) has filed legislation that would introduce property tax relief for Texans statewide. HB 2537 would redirect ninety percent of surplus state revenue towards funding public school maintenance and operations budgets. This new funding could eliminate nearly half of the property tax burden in about a decade.
Property taxes have increased over 200 percent in the past twenty years. Currently, about 45% of property tax revenue funds public school operations. In order to alleviate the growing property tax bills, HB 2537 introduces an alternate funding mechanism. It would restrain state spending growth and direct the comptroller to divert ninety percent of surplus state general revenue to buy down the “Robin Hood” school property tax. For this fiscal biennium, this surplus could equal roughly four billion dollars.
“One of the biggest issues I hear from my constituents is their ever rising property tax bill.” Dr. Oliverson said, “I filed this legislation to make sure that Texas taxpayers see long-term property tax relief. Under HB 2537, excess revenue dollars will go toward paying down public school M & O taxes, reducing the property tax burden on Texans. I am also committed this session to working with our leadership on any additional legislation that will reform property taxes.”
House Speaker Dennis Bonnen has established property tax reform as one of his legislative priorities this session. If enacted, HB 2537 could relieve nearly half of the property tax burden for Texans by shifting the burden of public school funding away from property taxpayers.