Can Texas eliminate property taxes?

AUSTIN (Nexstar) -- The short answer: no. The longer answer: definitely no, at least not anytime in the foreseeable future, and not without sacrificing vital state services like healthcare and education at all levels.

State senators tasked with steering the state's massive budget gathered at the Capitol on Wednesday to do the math.

Eliminating property taxes would cost the state more than $81 billion per year, they found. The state raises about $47.5 billion per year in discretionary spending. That means the legislature would have to either cut nearly twice that much from the budget or make it up through other taxes -- like nearly tripling the sales tax to 22%. Senators signaled both options are nonstarters.

"That's foster care, Child Protective Services, Medicaid, Department of Family Services, and a lot of this federally mandated, of course, costs that we have to do," Senate Finance Chair Joan Huffman, R-Houston, said. "All the money put on higher education, all the money in public education, all the money for Medicaid, all the money for mental health, human trafficking, all the things that the state has made priorities we would not have the funding for. Is that correct?"

Conservative policy analysts and advocates argued to the Senate Finance Committee that property taxes are "immoral," akin to "renting" your land from the state. While some senators agree the burden is far too high for many homeowners, they admonished people for proposing cuts without offering ways to raise the money for basic services elsewhere.

"People like to have clean water. They're funny that way," State Sen. Charles Perry, R-Lubbock, said.

Earlier this year, Gov. Greg Abbott doubled down on his ambitious goal to zero out the largest chunk of your property tax bill.

"I am insisting that we come back once again and ensure that we will continue to cut those property taxes until we get rid of the school property tax right here in the state of Texas," he told the Texas Public Policy Foundation in March.

Last year, Abbott signed a monumental property tax relief bill to increase the homestead exemption and provide municipalities billions to "compress" their tax rate. Abbott argues that measure puts school districts on a "pathway to ending those property taxes."

So, can the legislature cut them even further?

According to Sen. Huffman, "That's the $80 billion question."

This coverage is ongoing and will be updated as the hearing develops. Full coverage this evening on KXAN News.