Texas lawmakers reach agreement on property tax relief plan

AUSTIN, Texas (KVIA) -- Lawmakers in the Texas House and Senate have agreed on a $18 billion tax cut for property owners in the state.

Officials are calling the deal the "biggest property tax cut in Texas history."

Included in the plan is a $100,000 homestead exemption for all homeowners, 20% off home value appraisals for the next three years for some homes valued under $5 million, and a promise from the state to spend $12 billion to cut school property tax rates statewide.

This plan is outlined in two bills, the omnibus tax relief bill, and a franchise tax relief bill. There is also a constitutional amendment that is set to be introduced in the House.

A vote on both bills is expected by the end of the week.