On June 12, Gov. Greg Abbott signed Senate Bill 2, promising to slow the growth of property taxes for homeowners across the state by putting restrictions on how much revenue local governments can raise.
In our reporting, we have referred the legislation as setting a 3.5% “rollback rate” or a 3.5% “revenue cap”—so what does that term mean?
Put simply, if most taxing entities—cities, counties, or other public organizations that collect your property taxes—want to increase their revenue by more than that 3.5% “cap,” they would have to then go to voters to request approval.
As Reporter Emma Freer points out in her front-page story, supporters have called this legislation much-needed relief for over-burdened taxpayers, while local leaders say it will be crippling. She digs into the numbers and puts the information into an understandable package to help you figure out what this means for you and your family.