Location, location, location. Almost everyone who has bought or sold a home or other real property has heard this phrase. Any REALTOR® can tell you that the single most important criterion in setting the fair market value of your home or other real property is the property’s location. But why is location so important?

In a recent survey of prospective homebuyers conducted by the National Association of REALTORS®, the vast majority of respondents said they wanted their home to be located within a 45-minute drive of where they worked. Other important location criteria included proximity to schools, retail stores, and parks, as well as access to sidewalks and public transportation.

Clearly, transportation policy affects the value of your home and property. And you, as a citizen, have every right to become involved in the public policy decisions that affect how you get to work, to school, to shopping, and to recreational destinations.

Texas had made some important changes in transportation policy during the last several years. The results of these decisions are now being carried out at the local level, and there has never been a better time for citizens to become involved in policymaking affecting transportation than now.

House Bill 3588, which was passed by the Texas Legislature in 2003 (as well as related legislation), and changes to the Texas Constitution adopted in 2001 and 2003, have resulted in the most significant shifts in Texas transportation policy since the Texas Department of Transportation was created. In addition, Gov. Rick Perry’s proposal to create a TransTexas Corridor (TTC) linking the major metropolitan areas of the state with a wide corridor in which new toll ways, high-speed passenger rail, freight rail, and pipelines can be located is a significant initiative that will affect transportation policy for the foreseeable future.

The most significant aspect regarding these changes involves how highways and public transportation facilities are financed. Texas has historically relied upon a “pay-as-you-go” system by which tax revenue (mostly derived from the fuel taxes that motorists pay) have been dedicated to maintaining existing roadways and constructing new facilities. However, the state’s rapidly increasing population has outstripped the ability of the Texas Department of Transportation and local transportation authorities to keep up with the growth. As a result, the Texas Legislature and the people of Texas, by a vote on the amendments to the Texas Constitution, have changed the law to allow construction to be financed by bond initiatives that are paid for by future revenues from multiple sources, but most importantly, revenue from toll roads.