HOUSTON, Texas (KTRK) — The author of a new study on Houston’s Tax Increment Re-investment Zones (TIRZ) hopes his research spurs reform.
John Diamond, the director of the Center for Public Finance for the Baker Institute at Rice University, researched the 28 TIRZ over the summer.
There are 28 TIRZs in the City of Houston. They are designated areas, many of which were created in the 90s. At the time of their inception, the amount of property tax dollars given to the city was frozen. The taxes can increase, but any additional funding collected above that set amount is given back to the area to be re-invested.
Board members are appointed by the mayor and oversee and designate funding without public vote.
“It’s not very transparent, and that’s not the way city government should operate,” Diamond said.
After analyzing documents and numbers for months, he said the zones are “absolutely not” functioning properly.
“It …