Texas HB62 reduces school district maintenance and operations ad valorem taxes using surplus state revenue.

Texas HB62 amends the Education Code to reduce school district maintenance and operations ad valorem taxes by using surplus state revenue. The bill sets a tier one maintenance and operations tax rate and eliminates the local share for certain purposes. It also mandates the comptroller to allocate a portion of the surplus state revenue to the property tax relief fund. If the state compression percentage is zero, school districts cannot impose a tier one maintenance and operations tax and are entitled to additional funding.

Texas HB62 reduces school district maintenance and operations ad valorem taxes using surplus state revenue.

Texas HB62 amends the Education Code to reduce school district maintenance and operations ad valorem taxes by using surplus state revenue. The bill sets a tier one maintenance and operations tax rate and eliminates the local share for certain purposes. It also mandates the comptroller to allocate a portion of the surplus state revenue to the property tax relief fund. If the state compression percentage is zero, school districts cannot impose a tier one maintenance and operations tax and are entitled to additional funding.