This report provides an in-depth summary of the key tax, school finance, and public education legislation passed—and those that did not pass—during the regular session of the 89th Texas Legislature.

Exempting BPP would also reduce the cost to government and taxpayers associated with administering the property tax. The valuation of BPP by appraisal districts each year requires a substantial amount of resources, and those costs are ultimately born by the taxpayers served by the appraisal district.

John W. Diamond, Edward A. and Hermena Hancock Kelly Senior Fellow in Public Finance, Director, Center for Public Finance, Baker Institute Rice University

Careful considerations must be applied before embarking on any effort to replace local property taxes with another tax.

**UPDATED**Due to the recently elected Appraisal District Board of Directors and the actions they are taking in direct response to the election it is important to know the powers and limitations of the BOD.