Texas Senate OKs Revamping Texas for School Finance

Albanese, Elizabeth
May 2003
Bond Buyer;5/8/2003, Vol. 344 Issue 31631, p4
Trade Publication
The Texas Senate unanimously approved a plan to rewrite the state's constitution with a tax plan that will infuse more money into public education while taking the burden for funding public schools off the backs of local property owners. The school finance bill now goes to the state House of Representatives, where legislators to date have been unreceptive of the plan, wanting to wait until a special session later this year to address school finance. Under SB 2, a current local property tax cap of 1.50 dollar per 100 dollars of assessed valuation would be lowered to 75 cents per 100 dollars of property value, reducing the property tax burden on local property owners by about 8 billion dollars a year.


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