Gov. Greg Abbott, Lt. Gov. Dan Patrick and Speaker Dennis Bonnen held a joint press conference Thursday - their second so far this session - to announce agreement on the issue of property tax relief.

Gov. Abbott's plan, now agreed to by the leaders of the House and Senate and filed in the form of SB 2 and HB 2, would require voter approval for a local entity (such as a school district) to approve a tax rate that would result in tax collections of more than 2.5 percent in additional revenues from the previous year.

City, county and school district officials are expressing grave concerns about the proposal. Because property taxes are the source of local funding for public schools, efforts to limit growth can have an impact on money available to schools.

Last session, proposals of a 6 percent cap (House) and 4 percent (Senate) were unsuccessful, so it remains to be seen whether this considerably lower limit will succeed despite the support from the state's top leaders.