Because the money can and does move to areas with lower tax rates.
Gov. Greg Abbott signs $18 billion tax cut package for Texas property owners
https://www.texastribune.org/2023/07/24/texas-abbott-property-tax-cut/
At a time when the state has some of the nation’s highest property (rates) taxes, the initiative was a cornerstone of his 2022 reelection campaign.
July 24, 2023
I saw Lt. Gov. Dan Patric describe the scale of this tax reduction yesterday on the Senate floor. It is Huge.
Texas has no income tax, has had high property tax rates, BUT the cost of home in Texas has been very low compared to most other states. Especially those away from large cities.