Texas' legislative leaders announce deal on school finance and p

Texas' legislative leaders announce deal on school finance and property tax reform

AUSTIN, Texas -

Gov. Abbott, Lt. Gov. Dan Patrick and House Speaker Dennis Bonnen have announced a $9 billion overhaul for school finance. 

The Texas Plan would lower property taxes by injecting billions into public education. It would also provide an across the board pay raise for teachers, librarians, counselors and nurses. 

"For the current teachers, the package will average somewhere around $4,000 for all of our veteran teachers, with much more incentive pay and bonus pay for those teachers who want to be involved in different programs and excel at their schools," Patrick said.

It would boost retirement benefits and reduce payments to the "Robin Hood" program. It's officially called "Recapture", where districts rich in property taxes send money to districts with smaller tax bases. 

"We are now funding those low incomes students to have Pre-K all of them which will change their lives, and make Texas even better," Bonnen said.

It's estimated districts who pay into recapture will get to keep almost half of that money. 

"Dyslexia allotments are increased so that those students know we care about them," Bonnen said. "We want to serve them, we want to help them and we want our school districts to be able to help them."

When it comes to property taxes the Texas Plan claims it will reduce property tax rates state-wide by eight cents next year and 13 cents in 2021. 

It also provides a 2.5 percent compression that year. The plan indicates this will reduce tax burdens by $5 billion across Texas. 

An outline of the Texas Plan and what funds will cover is provided below. 

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