Texas Property Taxes Plunge Most Since Great Recession

(Austin, TX) — Texas sales tax revenues are taking a hit as a result of the crash in oil prices and pandemic-related business shutdowns.

Texas Comptroller Glenn Hegar reported Monday that the state’s sales tax revenue was $2.6 billion in May, off more than 13% from May 2019. That’s the sharpest year-to-year drop in more than ten years since the Great Recession.

May was the second straight month of rapidly declining state sales tax revenues, which make up a large part of the state budget. Other taxes and fees also fell.