The bulk of our property taxes goes to public schools.
Public School Districts fund their new school construction by selling Bonds. A 30 year Bond, paying 5% interest results in doubling the cost of the new school. Austin School is in Dunwoody GA and is a block away from our house and there was nothing wrong with it. They tore down this smaller 40 year-old school and built a larger school. The published cost was $20 million. But because this was financed with Bond Sales, the real cost was $40 million. This was unnecessary. Public School Districts should stop using Bonds and should be able to maintain their school buildings to last 100 years. To replace schools, they should set up an accrual account to invest and use as needed.
State Governments also fund their big projects by selling Bonds. They too should set up an accrual account to invest and use as needed.
Bond Investors are not going to like what I am proposing.
Public Schools are funded by Property Taxes.
Florida’s property tax rate is 0.80%, which is lower than the U.S. average (0.99%). The typical homeowner in Florida pays $2,338 annually in property taxes, although that amount varies greatly between counties.
Georgia’s average property tax is $2027. The US average property tax is $2795.
Norb Leahy, Dunwoody GA Tea Party Leader
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