Tax War Update: House Surrenders on Homestead Exemption While Keeping Appraisal Caps Last week, in a late Friday meeting at Chairman Meyer’s desk, the House Ways and Means Committee voted out substitutes for two of the Senate’s tax relief bills. The bills have now been set on the House calendar for Thursday, May 18th. SJR…

The property tax equation is an often-misunderstood equation.  We are going to spend the next two minutes explaining how local governments calculate the property tax that property owners are required to pay each year. Here is the property tax equation: Tax Levy  =  Value ¸ $100  x  Tax Rate (We divide the value of property…