Texans for Fiscal Responsibility provided a three-step process to eliminate all property taxes over the next decade by simply limiting government spending at the state and local levels of government and returning surplus collected taxpayer dollars to taxpayers.
Unfortunately, the Texas House’s budget substantially increases all funds appropriations in the proposed 2024-25 budget above the 2022-23 budget by 14.3% to $302.7 billion, and by 9.8% to $290.7 billion (excluding the $12 billion in new property tax relief). Likewise, the Texas House increases state funds appropriations by 21.5% to $202.0 billion, and by 14.3% to $190.0 billion excluding the new property tax relief.
These increases in appropriations would be better allocated to new property tax relief, primarily through compression of school district maintenance and operations property taxes. This would create a path to eliminating these property taxes, thereby giving Texans more of the right to own their property instead of perpetually renting from the government.
Vance Ginn, Ph.D. Chief Economist TPPF #LetPeopleProsper
Vance Ginn, Ph.D., is founder and president of Ginn Economic Consulting, LLC. He is chief economist at Pelican Institute for Public Policy and senior fellow at Young Americans for Liberty and other institutions. He previously served as the associate director for economic policy of the White House’s Office of Management and Budget, 2019-20.