Comptroller Hegar: New law will benefit tax payers

Comptroller Hegar: New law will benefit tax payers

LUBBOCK, Texas -

The state's property tax reform goes into effect on September 1, right in the middle of budget season. It will restrict how much city and county governments can raise your property taxes, before you have to vote on it. Glenn Hegar, the state's comptroller and public accountant said in Lubbock Thursday it will benefit tax payers.

During this past legislative session, lawmakers strongly focused on lowering property taxes and putting more state-funded money into public education. Starting this fiscal year, most taxing districts won't be able to raise their property tax revenue by more than 3.5% without voter approval.

 Hegar said tax payers should expect to see some sort of tax break, taxing districts shouldn't have to tighten their belts too much.

"We've done an analysis and I think based on the law that the legislature passed you will see some continue lowering of the property tax over the years because the law changes," said Hegar. "Yet also based on our analysis it looks as though each community in general can really do with what they've got with the resources they have."

Hegar adds that Texas continues to lead as an economic powerhouse. Lubbock compared to the rest of the state has a positive economic future. He attributes its economic growth to Texas Tech's leadership and the city and county's overall work ethic.

 

 

 

 

 

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