Christian Osgood walks through how a property-tax reform would move through Congress and affect the country. The Senate votes in November on a compromise that cuts but doesn't eliminate taxes. Florida and Texas plan substantial reductions, with Texas expanding homestead exemptions so homeowners stop paying taxes after their mortgages are paid off.
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This has really exciting implications for states all over the country. Now, it's not over yet. The Senate is still gonna have to vote on this in November. They're probably going to counter some of this, so they're going to meet somewhere in the middle. They'll have reduced taxes but not no taxes. Then the House has to agree on the proposal from the Senate, but likely we're going to see massive reductions for property tax in Florida. And a bunch of the other red states that have surpluses are going to follow suit. Texas is already talking about how to reduce their massive property taxes, which I'm very excited about. They're removing a whole bunch and increasing a lot of the homestead exemptions, which a lot of Texans, myself included, take advantage of. Overall, this is extremely exciting. We're very excited to see this huge step in the right direction. This is what happens when you have a well-managed state. And frankly, this is a chance for Americans to actually get to own their houses without having to pay the government every single month once they pay off their house.