The Texas House and Senate came to a compromise agreement on a property relief package, which was sent to Governor Greg Abbott for his signature on Thursday, according to online sources.

According to the Texas Legislature Online website, HJR 2 was e-filed with the Secretary of State on Monday.

“Some good new legislation was passed, and the governor signed it last Friday night,” said Dr. R.L. Richards, MISD superintendent. “We will be encouraging people to vote on Nov. 7.”

Richards points out that the deal compresses school district tax rates by an average of 10.7 cents to leverage $12 billion in state funds dedicated for property tax relief. It also increases the school district homestead exemption from $40,000 to $100,000, which Richards calls “substantial.”

According to an article by The Legislative Report, a publication of the Texas Association of School Boards, the property tax relief deal:

Compresses school district tax rates by an average of 10.7 cents to leverage $12 billion in state funds dedicated for property tax relief.

Increases school district homestead exemption from $40,000 to $100,000.

Prohibits a school district, municipality, or county that had an optional homestead exemption in tax year 2022 from repealing or reducing the optional exemption until 2028.

Includes M&O and I&S hold harmless provisions for school districts.

Caps non-homesteaded properties (both residential and commercial) with an appraised value of $5 million or less at 20% from the previous year. This will be a 3-year pilot program.

Increases current franchise tax exemption eligibility from $1 million to almost $2.5 million.