By MICHAEL MARSHALL-FAITHAFA and MATTELLEE PEREZMANICUSThe capital needs to be rebuilt, the tolls have to be lowered and there have to go back to the drawing board, a top official for the Texas Department of Transportation told the Houston Chronicle.
In Texas, property tax increases are the single largest source of revenue for the state government.
But the Legislature and Governor Greg Abbott have taken different approaches to dealing with the cost of the bridge.
A key difference is that in New York, the state’s largest and most populous state, property taxes are collected through a sales tax.
New York City’s revenue is estimated at $4.3 billion.
In Texas, the agency collects property tax through a combination of sales and property taxes.
So how do you pay for a $2.8 billion, 2,500-mile, $40-billion project?
It starts with an increase in the sales tax rate, according to the Houston Independent.
The increase comes in 2018.
The revenue would go to pay the cost to construct the new bridge, which is estimated to cost $1.6 billion.
If the state were to use its existing revenues for a different purpose, it would still have to find revenue sources for the project.
The Texas Department for Transportation has been working on a plan to address some of the issues.
A new report from the agency is expected to be presented to the Legislature in the coming weeks.
In addition to the property tax increase, the new state bridge plan would add a new toll road for drivers on I-45, one of the busiest roads in the country, according the Houston Gazette.
The new toll will be levied at a rate of 1.25 cents per mile and would cover the toll from Houston to Dallas.
The new toll roads are expected to cost more than $300 million.
The existing toll roads currently cost more like $70 million, according KPRC.
The $2-billion bridge would span the I-10 and I-35 freeways.
It would also replace the existing I-30 overpass and the current I-44 overpass.