December 13, 2023

Fiscal Notes: Regular Session Wrap-Up of Texas’ 88th Legislature

(AUSTIN) — In the November/December issue of Fiscal Notes, the Texas Comptroller’s office highlights some of the most impactful pieces of legislation that came out of the Regular Session of the 88th Legislature, which adjourned May 29. 

“The year began with my January projection that state revenue collections would exceed anything we’ve ever seen before,” Texas Comptroller Glenn Hegar said. “The historic revenue numbers allowed lawmakers to make key investments that will be critical for our state's long-term growth. Legislators also passed much–needed and meaningful property tax relief to assist homeowners already grappling with housing affordability and price inflation.”

Fiscal Notes’ summary of the session includes budget numbers for the 2024-25 biennium and a focus on issues such as economic development, fentanyl poisoning, rural law enforcement, state family leave, broadband, water and electric grid infrastructure, and higher education.  

This issue of Fiscal Notes also provides an analysis of property taxes. In 2020, Texas had the sixth highest “effective” property tax rate in the country, meaning homeowners here paid more in property taxes, on average, than did residents of most other states that year. And as local governments and school districts raise tax rates to cover increasingly expensive public services, coupled with skyrocketing home values, homeowners may receive heftier property tax bills each year. We also examine steps lawmakers took to help alleviate the property tax burden shouldered by homeowners and businesses.

Fiscal Notes furthers the Comptroller’s constitutional responsibility to monitor the state’s economy and estimate state government revenues. It has been published since 1975, featuring in-depth analysis concerning state finances and original research by subject-matter experts in the Comptroller’s office.

Fiscal Notes is available online and can be received by subscribing via the Comptroller's website.