"Texas Lawmakers Strike Historic $18 Billion Property Tax Cut Deal for Homeowners and School Districts"

Texas House and Senate Republicans have reached a deal on cutting property taxes, ending a months-long impasse. The $18 billion compromise includes increased tax relief for homeowners, a tax-credit pilot program for non-homesteaded properties, tax cuts for small businesses, and funding for school districts to lower tax rates. The proposal must pass both chambers before reaching Governor Greg Abbott's desk. The legislation includes reducing the school property tax rate, increasing the homestead exemption, and implementing a "circuit breaker" program for properties valued at $5 million and under. The deal resolves disagreements over how to allocate $12.3 billion in tax breaks, with the main divide being whether homeowners or business owners should receive a larger tax break.