Texas Governor Aims to Eliminate Property Taxes

Gov. Greg Abbott says his goal is to eliminate homeowners’ property taxes in the state of Texas. He says it’s possible to achieve over time because of the significant economic growth of the state.

All three Republican leaders, Abbott, Lt. Governor Dan Patrick and Speaker Dade Phelan, have pledged to reduce property taxes and made it a legislative priority.

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Property Taxes Climb 3.6 Percent Across U.S. to $339.8 Billion

Property taxes levied on single-family homes in the United States increased 3.6 percent to $339.8 billion in 2022, according to a new report from a real estate data firm.

That’s up from $328 billion in 2021. The 2022 increase was more than double the 1.6 percent growth in 2021, but smaller than the 5.4 percent increase in 2020, according to the report from ATTOM, a property data provider.

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Connecticut No Longer First in Personal Income Per Capita

New data from the federal Bureau of Economic Analysis (BEA) reveals that Connecticut is no longer first place among states in terms of per-capita personal income.

The Constitution State’s per-capita individual income exceeded every other states’ since 1987. Last year, however, Massachusetts outranked Connecticut regarding individuals’ mean income. The latter state’s residents averaged a yearly income of $82,475 each, whereas the former’s average earner got $82,082 annually. (The national average was $63,444.)

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