Any new bond that is approved will be added to the already existing debt of the city that will be paid by its residents. | Pixabay/Tumisu
Any new bond that is approved will be added to the already existing debt of the city that will be paid by its residents. | Pixabay/Tumisu
A dozen Texas cities have put a combined $2.3 billion in new debt up for vote on May 7. These news bonds would add to the debt currently being paid down by city residents, and while property tax rates might remain nominally unchanged, more debt would increase the payment burden for every individual.
According to Texas Scorecard, any new bond that is approved will be added to the already existing debt of the city that will be paid by its residents. While property tax rates in these cities may remain the same, increasing the debt payments of the city increase the amount of property taxes that need to be paid.
The city of Mansfield has five bond propositions totaling $155.5 million on the ballot on May 7, according to a press release from the city's website.
The Texas Taxpayers and Research Association (TTARA) published a report earlier this month detailing increasing property tax rates across the state of Texas. They noted that Texans should expect to experience "sticker shock" when receiving their appraisals this year, but that ultimately Texans do have some control over their property tax rates.
"The simple truth is no matter what your appraisal, property tax bills would not be going up unless local jurisdictions wanted to spend more money," TTARA wrote in the report. "Regardless of your 2022 appraisal, right now your 2022 tax bill is zero. Your tax bill won’t be set until the jurisdictions in which you reside decide how much money they want to raise and set their tax rates."
According to the Texas Public Policy Foundation, the state’s total local debt burden including principal and interest was more than $365.3 billion in 2019, or a debt of $12,500 for every Texan.
Alerts Sign-up