WICHITA FALLS (KFDX/KJTL) — Proposed property tax cuts estimate a 40 percent savings rate for general homesteads.

However, the plan allows for smaller businesses to show economic growth.

Currently, the businesses would see a 10.7 per 100 dollar reduction in their school tax. Additionally, most of the businesses in the area would see a cap of tax at 20 percent.

“It’s for businesses with $5 million and below in total value, which that’s going to be a majority of the properties in Wichita County,” said Mark Bruce, private tax appraiser. “So that’s going to benefit us.”

There is another addendum to this proposed plan that allows medium-sized businesses to save additional bucks as well.

Businesses would be allowed to generate double the amount of revenue it makes before paying the franchise tax. This would remove around 67,000 small to medium businesses from this category.

“There’s going to be an increased exemption for businesses with an annual revenue of less than $2.47 million,” said Bruce. “There’s going to be a franchise exemption on that. It’s part one of the bills, and then also that’s an increase from 1.23 to 2.47.”

Wichita County’s Chief Appraiser, Lisa Sheppard-Musick is in favor of this bill as it shows promise of huge benefits.

“You know, they’re going to see significant decreases in their school taxes, and I think everybody’s happy,” said Sheppard-Musick. “I think if that’s what you want to see, you need to vote yes in November. I’m not advocating that. I promise either way. That’s your personal preference, but I believe that, you know, most property owners would want to see that”