| This chart shows Property Tax and Sales Tax data for the past few years. This gives us an idea of how much we would need to increase the sales tax to match the property tax totals. Keep in mind that the incomming property tax totals will likely go down based on recent reduced property values and increased forclosures. Also our state population is rapidly increasing since Texas has weathered the recession quite well. This means there will be more people paying sales tax. Year | Property Tax | | Sales Tax | 2008 | Unable to locate | | 21,604,090,350.00 | 2007 | 35,114,596,621.00 | | 20,270,476,222.00 | 2006 | 35,552,907,030.00 | | 18,275,209,754.00 | 2005 | 33,478,989,315.00 | | 16,312,811,054.00 | 2004 | 30,973,635,241.00 | | 15,417,156,258.00 |
Source 2007 Annual Property Tax Report & 2008 State of Texas Annual Cash Report Here is a chart that shows expected revenue by percentage. This shows that with a sales tax increase of about 4.5% would replace our property taxes. $30,000,304,808.56 | 9.25% | $30,811,123,857.44 | 9.50% | $31,621,942,906.32 | 9.75% | $32,432,761,955.20 | 10.00% | $33,243,581,004.08 | 10.25% | $34,054,400,052.96 | 10.50% | $34,865,219,101.84 | 10.75% | $35,676,038,150.72 | 11.00% |
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