FOR IMMEDIATE RELEASE 09/29/2020
REP. JARED PATTERSON LAUDS PROPERTY TAX SAVINGS FROM HB 3
(Frisco, Texas) - The successful passage of House Bill 3 during the 86th Legislative Session garnered many victories for Texas students and teachers, but it also assisted in lowering property taxes for all Texans.
In a nutshell, HB 3 directed more than $5 billion to cut property taxes. It did this by compressing Maintenance and Operations (M&O) tax rates and raising the state's share of education funding from 38% to 45%. In HD 106 alone, it also saved nearly $100 million from going back to the state in Robin Hood payments, eliminating it for most local districts.
Each of these major reforms contributed to property tax savings and House District 106 school district tax rates for 2019 and 2020 are proof of this. In fact, the direct impact in year one of HB 3 was a 9% property tax rate cut, followed by an additional 5% rate cut in year two, on average. The impact of the property tax rate cuts was immediate, but HB 3 will have a lasting impact. This year, the hard cap of 2.5% on any future property tax increases was implemented.
Patterson stated "I was honored to co-author House Bill 3, the most meaningful increase in education funding in more than a generation. This bill gave our hardworking teachers a much-needed pay raise, allocated more dollars per student in the classroom, ensured our students with Dyslexia have all the tools they need to be successful, and drastically cut property tax rates for hardworking Texans.”
Jared Patterson represents House District 106, which encompasses the eastern portion of Denton County. During the 86th Legislative Session, Patterson authored and passed initiatives in policy areas such as transportation, education, property taxes, as well as eliminated unnecessary and burdensome government regulations. Patterson serves on the House Committees on Business & Industry, Urban Affairs, and Resolutions Calendars. He also serves on the House Interim Study Committee on Aggregate Production Operations, and the Texas Cybersecurity Council. His family resides in Frisco.