Following news that the state of Texas is anticipating one of the largest budget surpluses in its history, state leaders are calling for the use of those funds to provide financial relief to taxpayers, including a reduction in property taxes.

The Center Square said that Texas is expecting to have a budget surplus of nearly $27 billion, according to Comptroller Glenn Hegar. The enormous surplus would be at record levels if it matches projections. Hegar said that it would raise the state's "Rainy Day Fund" by a total of $14.95 billion from last November's projected surplus..

"Our first priority is to send money back to the taxpayers of Texas,” Lt. Gov. Dan Patrick said in a press release.

Patrick further reiterated his commitment to tax relief.

"Texas homeowners must receive tax relief before we commit to any new spending," Patrick said.

Experts also have talked about the benefits of using the surplus for tax relief. 

"We can actually compress that tax rate all the way down to zero and that will provide people with lots of tax relief," James Quintero of the Texas Public Policy Foundation said in a KPRC 2 report. 

The major expected surplus is said to be driven mainly by the large amount of taxes paid by the state's oil and gas industry. In response, Patrick supports property tax relief measures and suspension of the state's gasoline tax. In 2021, the Tax Foundation said that Texas had the sixth highest property tax rate measured as property taxes paid as a percentage of owner occupied housing value in 2019.

Texas Gov. Greg Abbott has already showed his support for the concept of using budget surplus funds to provide property tax relief. The non-partisan Texas Public Policy Foundation also has suggested using some of the multi-billion-dollar surplus to pay down the largest taxes facing homeowners, those being the maintenance and operations tax.