The Facts
* Texas’ property tax system is among the most punitive in the nation.
* According to the Tax Foundation, Texas’ property tax system ranks as the 15th most burdensome nationally.
* According to the U.S. Census Bureau, the 2010-2012 average annual property tax paid by an owner-occupied dwelling in Texas was $2,477. By comparison, homeowners in surrounding area (i.e. the South Region) and the nation paid a 3-year average annual tax of $1,411 and $2,091, respectively.
* Rising property tax bills discourage investment and create a drag on the state’s economic performance.
Recommendation
* Require local voter approval for property tax rates that result in an increase in local property tax revenue in excess of 5% or population growth plus inflation, whichever is less.