Texas Insider Report: AUSTIN Texas For the first time taxpayers will get to directly see how much they should expect to pay when they vote for bonds. Right on the ballot itself said State Sen. Paul Bettencourt after his bill SB 1041 passed the Senate 26-
5. The bill requires additional language to be added to the ballot for bond propositions in order to educate voters about the cost of the proposed debt provide further local government transparency and make clear the debt burden of the local government recommending the debt.
These changes will allow voters to make more informed decisions when they decide to vote for or against ballot propositions whether it be to issue tax supported debt or to authorize a tax that will later be spent to support issuing debt if passed by the House and sent to the Governor.
SB 1041 would require on any ballot to approve property tax backed debt information about their local government debt and the amount of taxes the average homeowner would pay to pay off their local government debt. This information is required for ALL of the property tax backed debt the local government currently has and the debt they are asking voters to approve.
Local governments shall explain why they want property tax supported bonds and tax payers will finally see how much it really costs stated Bettencourt.Even local government wants authority to impose a property tax to pay off future debt it still has to show the cost to the tax payer would be and the local government will have to explain why they want the authority to tax.
The bill will require government entities to show how much debt they have secured by property taxes what the current payments are on that debt and how much the median home has to pay in taxes to repay the current debt obligations concluded Bettencourt.
