Austin, TX – January 27, 2009 – (RealEstateRama) – Rep. Mike Villarreal filed legislation today that could provide much needed relief for struggling homeowners. If adopted the measure would take the first step towards linking property taxes to a homeowner’s ability to pay. HB 866 directs the Comptroller to study and make recommendations for establishing a “circuit breaker” program in Texas to limit the amount of property taxes that may be imposed on a residence based on the owner’s annual income.
“We must treat taxpayers fairly as we raise the revenue necessary to invest in schools and other services,” noted Rep. Villarreal. “At this difficult time, it’s important to provide relief to those families struggling to get ahead on a tight budget.”
The legislation instructs the Comptroller to set up an advisory committee to make recommendations to the Legislature on establishing the circuit breaker program. The advisory committee would include school districts, real estate agents, organizations that work on housing for low and moderate-income families, and other stakeholders.
At least 18 other states have circuit breaker programs that limit property taxes on homeowners for whom the tax payments represent a significant portion of their family’s income.
Contact:
Peter Clark
512-463-0532
