Proposing a constitutional amendment establishing the property tax reduction fund to reduce school district maintenance and operations ad valorem taxes and dedicating certain unencumbered general revenue and certain general revenue that would otherwise be transferred to the economic stabilization fund to that fund.
Impact
If enacted, the constitutional amendment would create a dedicated property tax reduction fund managed outside the general revenue fund. The fund will consist of appropriated money and investment earnings, ensuring a steady resource base to support the reduction of school district taxes. The expected outcome of this amendment is a direct financial relief for residents, particularly in areas where school district taxes are substantially high, enhancing the affordability of housing in those regions.
Summary
HJR183 proposes an amendment to the Texas Constitution that aims to establish a property tax reduction fund. This fund is intended to directly reduce the school district maintenance and operations ad valorem taxes. The bill seeks to allocate unencumbered general revenue as well as certain funds that would otherwise be redirected to the economic stabilization fund, thus reinforcing the financial support for local school districts while mitigating the tax burden on property owners.
Contention
The establishment of this fund may raise discussions regarding the implications of reallocating general revenue, especially concerning its impact on other state services that depend on that revenue. Some lawmakers may argue that dedicating these funds exclusively for property tax reductions could hinder the financial resources available for other state priorities. Additionally, there may be concerns around the long-term sustainability of funding for education and how this amendment could affect the availability of funds for the economic stabilization fund in future fiscal periods.
Enabled by
Relating to reducing school district maintenance and operations ad valorem taxes through the use of certain state revenue and the allocation of certain constitutional transfers of money to the economic stabilization fund, the property tax reduction fund, and the state highway fund.
Proposing a constitutional amendment lowering the maximum allowable amount of money in the economic stabilization fund and dedicating certain general revenue to reducing school district maintenance and operations ad valorem taxes.
Proposing a constitutional amendment providing for the creation of and use of money in the Grow Texas fund and allocating certain general revenues to that fund, the economic stabilization fund, and the state highway fund.
Proposing a constitutional amendment providing for the creation of the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund, dedicating the money in that fund to benefit areas of the state significantly affected by oil and gas production, and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, and the property tax relief fund.
Proposing a constitutional amendment creating the state school safety fund to provide ongoing financial support for projects that ensure the safety of public schools in this state and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, and the state highway fund.
Proposing a constitutional amendment providing for the creation of the Texas legacy fund and the Texas legacy distribution fund, dedicating the Texas legacy distribution fund to certain state infrastructure projects or the reduction of certain long-term obligations, and providing for the transfer of certain general revenues to the economic stabilization fund, the Texas legacy fund, and the state highway fund.
Proposing a constitutional amendment to permit additional uses of certain dedicated general revenue transferred each fiscal year to the state highway fund.
Proposing a constitutional amendment to permit additional uses of certain dedicated general revenue transferred each fiscal year to the state highway fund.
Relating to the allocation and deposit of certain surplus state revenue to the property tax relief fund for use in reducing school district maintenance and operations ad valorem taxes.
Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the Texas legacy fund, and the state highway fund and to the management and investment of the economic stabilization fund, the Texas legacy fund, and the Texas legacy distribution fund.