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Texas sees $27 billion surplus in budget, Lt Gov Patrick suggests property tax relief

Posted at 6:42 PM, Jul 15, 2022
and last updated 2022-07-15 22:41:43-04

WACO, Texas — A drastic increase in revenue over the last few months means extra money for the state of Texas.

"Texas has experienced tremendous economic growth coming out of the recession that was driven by the response to the COVID pandemic," Director of Communications and Information Services for the Texas Comptroller of Public Accounts Chris Bryan told 25 News. "In recent months especially, we've seen that growth accelerate."

The increase brought in about $27 billion in extra money.

"When lawmakers come into session in January, they will start with almost $27 billion in excess money that isn't projected to be spent in the 22-23 biennium," Bryan said.

So what does that mean for you? Lt. Governor Dan Patrick said he hopes it means property tax relief.

He released a statement this week saying "the first dollars should go back to property tax relief." He went on to say he also supports "using an additional $4 billion for property tax relief."

Homeowners in Waco said property tax relief could be really helpful in a time like this. On a 25 News Facebook poll, dozens of people shared how this could benefit them.

One woman posted her property taxes are doubling from last year. Another said she is "getting gouged on property taxes year after year." One family even said high property taxes make it hard for them to make necessary purchases like medicine.

"We're seeing folks having to make some tougher decisions when it comes to where they are going to spend their family's budget and where they are going to prioritize their own family spending," Bryan said.

With more and more families having to make those tough decisions, many are now hopeful to actually see that property tax relief.

"The funds are going to be there for lawmakers to be able to fund their priorities, ultimately those decisions will be left to the legislature," Bryan said.