Build on final memo from the proposal submitted below. Feel free to rewrite or edit how needed but must include the 3 primary sources ond others included below. The 3 primary have to be used.
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MEMO PROPOSAL & (7) CITATIONS Below:
Memo
Date: April 26, 2022
Memo To: Greg Abbott, Governor of Texas
From: F Hernandez
Subject: Property taxes in Texas
Governor Abbott,
As a Texas property taxpayer, I am writing today concerning the rapid increase in Texas property taxes and to emphasize how important it is for them to cease from rapidly increasing annually in order to prevent a repeat of the housing crisis in 2018.
Current Problem
As you are aware, Texans have a 10% cap on the amount of assessed value that can increase on properties with homestead exemptions. As an example, my home’s value has increased because investors are buying properties to rent out or sell for profit, and property taxes have been increasing as a result of higher purchase prices or over-market prices. Texans that had a lower mortgage payment 10 years ago prior to inflation, which has risen from the COVID pandemic, can be financial impacted by increased assessment rates, since Texas has one of the highest tax rates in the country.
Solution
We urge you, along with our Texas state leaders, to consider a property tax reform that will benefit our economy and all Texans as you consider the next bill proposal. A few recommendations to take into consideration are the school finance revision and property tax issue, raising the homestead exemption, and an annual review and mandate of contracts for deeds (CFD) is required.
The school finance revision and property tax issue. There is a serious property tax issue facing the state; the last major school finance revision occurred in 2016 and the lawsuit claims that the method for financing public schools resulted in unconstitutional property tax (Burrows 41). I oppose any cut in school taxes since they are essential for our children, and I support maintaining property taxes.
Raise the homestead exemption. Senate Republican Paul Bettencourt proposed increasing the state’s homestead exemption last year so homeowners could save money (Fechter). It may be feasible for the state to control inflation of home values by maintaining a buyers’ market instead of a sellers’ market.
An annual review and mandate of contracts for deeds (CFD) is required. Developers responded to the legislative reforms by shifting away form CFDs and into other forms of seller financing (Ward, et al. 152-83). When the state legislation maintains a reasonable policy, all buyers, including low-income, will maintain their residence without defaulting on unreasonable loan obligations.
Call to Action
I am aware of the immense task facing our elected officials, and I stand with you to resolve this issue for all Texans. With your guidance, Texas residents would be significantly supported and heard to see that a resolution is found to benefit property taxpayers. I would be glad to discuss this recommendation with you and follow through on any decisions you make.
Sincerely,
Works Cited:
1.Alan Burrows. “School Finance and Tax Reform in Texas.” Journal of State Taxation, vol. 33, no. 2, CCH INCORPORATED, 2015, p. 41.
2.Cortes, Kalena E., and Andrew I. Friedson. “RANKING UP BY MOVING OUT: THE EFFECT OF THE TEXAS TOP 10% PLAN ON PROPERTY VALUES.” National Tax Journal, vol. 67, no. 1, National Tax Association, 2014, pp. 51–76, https://doi.org/10.17310/ntj.2014.1.02.
3.Fechter, Joshua. “Texas Voters Will Decide Whether to Lower Their Property Tax Payments after Legislature Completes Last-Minute Hail Mary.” The Texas Tribune, The Texas Tribune, 19 Oct. 2021, https://www.texastribune.org/2021/10/18/property-tax-exas-legislature/.
4.Haney, Josh. The (Long, Long) History of the Texas Property Tax, Comptroller.Texas.Gov, Oct. 2015, https://comptroller.texas.gov/economy/fiscal-notes/2015/october/proptax.php.
5.Lavine, Dick. “How to Improve Texas’ Property Tax System – Update.” Every Texan, 19 Jan. 2022, https://everytexan.org/2022/01/19/how-to-improve-texas-property-tax-system-update/.
6.Mikael Garcia. “ROLLING BACK PROPERTY TAXES IN TEXAS: A CRITIQUE OF THE ARGUMENTS BROUGHT FORTH BY VARIOUS ORGANIZATIONS AGAINST LOWERING THE PROPERTY TAX ROLLBACK RATE IN THE LONE STAR STATE.” Texas Review of Law & Politics, vol. 23, no. 3, University of Texas, Austin, School of Law Publications, Inc, 2019, pp. 489–540.
7.Ward, Peter M., et al. “Protecting Homebuyers in Low-Income Communities: Evaluating the Success of Texas Legislative Reforms in the Informal Homeownership Market.” Law & Social Inquiry, vol. 41, no. 1, Blackwell Publishing Ltd, 2016, pp. 152–83, https://doi.org/10.1111/lsi.12125.