HOUSTON (AP) - Texans will get a multibillion-dollar property tax cut and teachers will get a $2,000 pay raise under legislation Republican Gov. Rick Perry signed into law Wednesday.

Some school property taxes will be replaced with $2.4 billion in state budget surplus money under the new law. The school finance package lawmakers approved during a recent special session will save homeowners and businesses $15.7 billion on school property taxes over the next three years, or 33 percent, Perry said.