AUSTIN (KXAN) — As early as Wednesday, the Austin City Council could approve its budget for next fiscal year and set a tax rate. All but one member of the dais has indicated they support a rate high enough to trigger a tax rate election (TRE).
Because of a 2019 state law, taxing entities cannot raise the property tax rate more than 3.5% from the year prior without triggering a TRE.
After City Manager TC Broadnax released his proposed budget, which sat at that 3.5% voter approval rate and would not trigger an election, council members and the mayor started proposing alternatives that cut less services but also add to your property tax bill — so much so, you will likely have to vote on that increase in a November election.
The body will start discussion Wednesday, but it may take until Friday to officially vote on the budget and tax rate.
Here’s what you need to know going into that discussion:
- Aug. 12: Get up to speed with the latest tax rate election proposals
- Aug. 8: Austin mayor ‘disappointed’ with some tax rate election proposals
- Aug. 5: Austin leaders lay out initial tax rate election proposals
- Aug 1: Texas cities, counties may face new limits on raising property taxes
- July 15: Austin leaders concerned budget cuts too much from community needs
- July 12: Austin City Manager TC Broadnax releases proposed $6B+ budget
All of the TRE proposals on the table as of Tuesday night, at 5 cents per $100 of value, would raise the average homeowner’s property tax bill by $302.14 annually, $197.92 of that from the TRE. That could go up or down as the city council/the mayor adds or takes away line items.
The city manager included rates in his impact statement, so apples to apples, for the average ratepayer and homeowner, a 5-cent TRE scenario would cost a total $416.08 more annually.
KXAN’s Grace Reader is at City Hall covering the vote for you. This story will be updated.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
