TEXAS Property Tax Debt Out of Control

The Texas Public Policy Foundation recently published an article describing the growth in local government debt over the last ten years. (http://www.texaspolicy.com/blog/detail/local-government-debt-headed-in-wrong-direction)

"And the problem is only getting worse.

Since fiscal 2009, the total debt owed by cities, counties, school districts, and special districts has grown from $298.3 billion to $333.1 billion in fiscal 2014. That’s an increase of almost $35 billion over a relatively short period, pushing up the total amount owed by each Texan to near $12,500.

Over a longer time frame, it’s even clearer that local government debt is headed in the wrong direction. According to the Texas Comptroller’s report Your Money and Local Debt, population and inflation grew a combined 53.3 percent from 2001 to 2011. Over that same period, local debt outstanding rose 122.4 percent, outpacing population and inflation by a factor of more than 2-to-1."

The financial burden created by high property taxes also creates disincentives for property investment and it retards job creation by penalizing land development.  This causes businesses, both in-state and out-of-state, to restrain growth of their businesses.  The worst aspect of property taxes is that an individual can never truly own their property!  They will always owe money to the state for the ability to use their own property.

The City of Georgetown needs to set the standard for restraining the growth in property taxes, as clearly the County and local school districts are not!