Texas lawmakers reach $18 billion deal on property tax cuts

AUSTIN, TX. (NBC) - After weeks of quarreling, the Texas House and senate say they have agreed in principle on an 18-billion-dollar plan that will “Deliver the biggest property tax cut in Texas History.”

The offices of Texas Lt. Gov. Dan Patrick and house speaker Dade Phelan released a joint statement Monday morning saying they’ve come up with legislation that will not only reduce the school property tax rate and increase the homestead exemption, but it will also include relief for small businesses.

Patrick and Phelan said the legislation is expected to be filed in the senate and passed later in the week.

From there it’s headed to Republican Governor Greg Abbott’s desk, who said in a statement that he looks forward to this legislation reaching his desk so he can sign it into law.

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