School funding formulas built upon historically inequitable foundations, such as the property-tax-based system in Texas, warrant continuous monitoring to understand the degree to which they contribute to inequity. Following a review of the political and legal history of the state's school funding formulas and the most recent school finance changes enacted by the legislature, this study employs horizontal and vertical equity analyses to demonstrate the ways in which property wealth continues to overpower equity mechanisms built into the school funding system, leading to the persistence of financial inequity among school districts.