Quote:
Originally Posted by Armybrat
The F1 track would be a HUGE golden egg for them, as they wouldn't have to build an extra school to service it. They could even LOWER their local taxes.
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Technically they would almost certainly HAVE TO lower the local taxes. The property tax reform from 2006 means that they have to have a special election to increase the property tax to a rate that is over the "effective" tax rate, calculated by the rate that would bring in the same amount of revenue for the entity as the budget from the previous year (slightly different for ISDs). So if the tax base goes up sharply, the rate to achieve the "effective" tax rate will be much lower. If they DIDN'T lower the rate accordingly, it would trigger a rollback election and the citizens could vote to accept the lower rate that meets the budget.
So bottom line, the homeowners in the Del Valle ISD would likely be getting a really nice surprise after the track hits the tax rolls -- an almost certain reduction in their property taxes.
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