Texas lawmakers consider eliminating $81.5B annual property taxes, exploring alternatives and facing potential sales tax hikes.

Texas lawmakers are exploring the elimination of property taxes, estimated to cost around $81.5 billion annually, which is over half of the state's current budget. Some senators propose alternatives like increasing homestead exemptions and limiting local tax increases. Though there is strong Republican support for tax reductions, the substantial financial implications, including potential sales tax hikes, present significant challenges for future discussions.