The Texas Senate last week unanimously approved a $16.5 billion package to lower property taxes and inject billions of dollars into public schools.As reported by the Texas Tribune, the three separate bills require the state to send at least $5.38 billion to public schools while at the same time raising the state’s homestead exemption from $40,000 to $70,000, with an additional $20,000 exemption for homeowners 65 and older. According to the Tribune, the proposal would save an average homeowner $341 on their annual tax bill. Seniors would save an additional $227 annually.In exchange for the increased state funding, local school ...