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Saurban > Blog > News > Texas requires $81.5 billion annually to eliminate property taxes, officials report.
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Texas requires $81.5 billion annually to eliminate property taxes, officials report.

San Antonio Urban Editorial Team
Last updated: 2024/09/04 at 10:01 PM
San Antonio Urban Editorial Team Published September 4, 2024
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Texas requires .5 billion annually to eliminate property taxes, officials report.

Understanding the Reality of Property Taxes in Texas

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Many have dreamed of the day when property taxes in Texas would be a thing of the past. However, a recent reality check by state budget officials revealed that it would cost the state tens of billions of dollars to eliminate property taxes entirely. This news serves as a reminder that while cutting property taxes is a priority for many conservatives in Texas, the financial implications are significant.

Republicans in the state have long sought to reduce property taxes, which are among the highest in the nation. Lt. Gov. Dan Patrick tasked lawmakers with assessing the cost of eliminating property taxes, and the results are staggering.

According to figures presented to the Texas Senate Finance Committee, eliminating school property taxes alone would have cost the state $39.5 billion in tax year 2023. When factoring in property taxes collected by cities, counties, and special districts, the total cost to the state would have been $81.5 billion.

Lawmakers expressed concerns about the feasibility of such a move, noting that it would severely impact the state’s ability to fund other essential services. In addition, a substantial sales tax hike would likely be necessary to offset the loss of revenue from property taxes.

Despite efforts to rein in property taxes in recent years, the state continues to rely heavily on this revenue source. Lawmakers have implemented various tax breaks and limits on property tax collections by school districts and local governments to address rising property tax bills.

While some conservative thinkers advocate for the gradual elimination of property taxes, the practicality of such a move remains in question. Texas does not have an income tax, and replacing property taxes with a sales tax hike could disproportionately affect lower-income households.

As the state continues to grapple with the issue of property taxes, it remains to be seen how lawmakers will address this complex financial challenge in the future.


Disclosure: Every Texan and Texas Taxpayers and Research Association have been financial supporters of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations, and corporate sponsors. Financial supporters play no role in the Tribune’s journalism. Find a complete list of them here.


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San Antonio Urban Editorial Team September 4, 2024 September 4, 2024
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Reading: Texas requires $81.5 billion annually to eliminate property taxes, officials report.
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