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The money that owners would have been spent on their property taxes would be spent elsewhere in the community.
It will still be taxed all the way through the system. Who knows? State total revenues could be up if every household had another grand or two every month to "stimulate" the local economy.
School districts will just have to figure it out.

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This video may explain why....

Short explaination:  Taxing authorities are playing games with property assessments and ripping people off in Texas and possibly a county near you.

https://www.youtube.com/watch?v=RZK2a8e9gqA

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Or spend 81.5 billion less. Problem solved.

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22% sales tax.  Yeah, that's a workable plan.

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It's a good gauge of how much they spend... 22 cents on every dollar spent is needed to run the government(s).

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It's a longshot, but who knows if it will gain steam.  Winners: property owners.   Losers: renters, tourists and illegal aliens

https://cbsaustin.com/news/local/after-historic-tax-cuts-texas-lawmakers-evaluate-eliminating-property-taxes-entirely

After historic tax cuts, Texas lawmakers evaluate eliminating property taxes entirely
by Michael AdkisonWed, September 4th 2024 at 7:04 PM

AUSTIN, Texas   Last year, after months of negotiating, the Texas legislature approved an $18 billion package of property tax cuts. Now, the Texas Senate evaluated going even further, potentially eliminating property taxes entirely.

On Wednesday, the Texas Senate Committee on Finance took testimony on what further property tax cuts would look like, particularly by cutting school district property taxes, or property taxes entirely. Some Senators on both sides of the aisle appeared skeptical of such holistic tax eliminations, but inclined to further cuts.

The Legislative Budget Board, a state agency tasked with evaluating the fiscal impacts of state legislation, testified that school district property taxes contributed some $81.5 billion to the state's funding. Eliminating the school district property tax would, effectively, carve that from state funding.

"So, how would we pay for that?" Sen. Chuy Hinojosa, D-McAllen, said, in the committee hearing, to a few moments of silence. Sen. Joan Huffman, R-Houston, who chairs the committee, then called that the "eighty-billion-dollar question."

With already no state income tax, if Texas were to eliminate property taxes entirely, that would mean the state would receive the bulk of its funding from the sales tax. Currently, at 6.25%, the Comptroller's Office testified that the sales tax would have to increase to somewhere around 22% to make up for losses, should property taxes be entirely eliminated.

"Diversity in revenue is a policy that I think we need to acknowledge as we have these conversations," Sen. Charles Perry, R-Lubbock, said on Wednesday.

Republican leaders, including Governor Greg Abbott, have called publicly to work toward eliminating the school district maintenance and operation, or M&O, property tax. As part of the interim charges for the Texas Senate Finance Committee, Lieutenant Governor Dan Patrick tasked the panel to determine what level of compression and increase of the homestead exemption could benefit Texans further.

Last session, property tax cuts proved to be one of the most politically divisive issues among the legislature, sowing discord between the two chambers and their leaders, Patrick and House Speaker Dade Phelan. After the regular session and two special sessions, the two chambers approved the $18 billion package, which voters approved in November.