The City of Austin has a large debt. Servicing this debt is a significant part of high property taxes. But every year we retire several hundred millions of bond debt. If Austin stopped selling new bonds, the property tax rate would begin going down. Or, if Austin would only sell as many bonds, $300 million worth, so as to equal the amount being retired, the property tax rate would remain flat.
Mayor Steve Adler has proposed a $720 million “Transportation Bond” package. That would lead to a mandatory property tax increase but Adler says, with a straight face, that his proposal would make Austin more affordable. Several council members have proposed changes to Adler’s plan to put in some of their pet projects. When the smoke clears, it’s likely that the council will vote for a bond package somewhere north of $800 million.
At our June meeting, Vince will explain that raising taxes never increases affordability, and also examine the “road projects” that will be built with the bond proceeds. Hint: If you drive a car, you will not be happy with this transportation bond package.
When: July 27th, 2016 7PM TO 9PM: Scholz Garten 1607 San Jacinto Blvd, Austin, Texas 78701