Property Tax Overhaul: A recap of the potential impact of SB-2 a - FOX34 Lubbock

Property Tax Overhaul: A recap of the potential impact of SB-2 and HB-3

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LUBBOCK, Texas -

One of the biggest priorities for Texas lawmakers this legislative session was to get property tax reform done.

They accomplished that by passing House Bill 3 and Senate Bill 2.

Set to go hand in hand with school finance reform, HB-3 is set to provide about $5 billion in property tax relief.

In addition, Lubbock Representative Dustin Burrows said Senate Bill 2 will give taxpayers more accessibility and transparency to see how much they are actually spending.

"It's going to be a lot simpler. People are going to see in dollars and cents how much more they're paying to their cities, to their counties, to their school districts, and they're going to know. We're also going to give them an opportunity to actually interact with their elected representatives after hours. They don't have to show up to a particular town hall and let them know what they think about that and answer questions. That's good government," Rep. Burrows said.

While most bills become law on September 1, Rep. Burrows said homeowners will not see this tax relief or transparency from HB-3 or SB-2 right away.

"They're going to see it next cycle. One of the things about how the legislation shapes and when you actually get appraised notices and when budgets actually go out, you won't actually see the transparency, the game-changing things, until 2020," Rep. Burrows said.

Texas Comptroller of Public Accounts Glenn Hegar said one aspect of Senate Bill 2 that will go into effect immediately is the voters' right to reject a 3.5% raise in property taxes. 

"That law is taking effect now, and that really means the overall value within that governmental entity can't go above that without an election from the voters if they don't want it to go above that," Hegar said.

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