Norman’s flyer on the April 6 Street Maintenance Bond election states the city property tax rate we pay is the third lowest of comparable cities, about $93 per $100,000 market value.
What the flyer doesn’t tell you is your overall property tax rate for a Norman house is the HIGHEST in the state. At about 1.4% of the market value paid every year, the overall property tax is about $1,400 per $100,000 market value.
The part of the property tax used for the comparison in the flyer is only 7% of your overall property tax bill. I can only guess why the flyer uses this comparison rather than your overall property tax rate.
Instead of asking Norman taxpayers to pay bond attorney fees, wealthy bondholders and banks, let’s skip that step and use all our tax dollars to pay directly for street maintenance. We do this now through the annual budget process. The City of Norman has over $70 million in the capital projects fund. How much more do we need to proceed prudently on street maintenance?
One more thought. Since the federal government looks likely to provide trillions for infrastructure, shouldn’t we wait to see how much of that we can grab for Norman before we put ourselves more in debt?