Typical Austin homeowner may pay nearly $1K more in property taxes next year
AUSTIN – A potential significant increase awaits homeowners in property taxes next fiscal year
The local governments and tax authorities have begun approving the tax rates and budgets for the fiscal year 2024-25, which could lead to a considerable impact on the common Austin homeowner’s pocket with a typical yearly increase of about $950 or approximately $80 more per month. It is essential to note that this calculation only includes the upcoming proposed or approved tax rate boosts rather than individual property values increases. The property taxes are profoundly influenced by your home value and homestead exemption qualifications.
How the new tax rates will affect the typical Austin homeowner
The City Council of Austin recently approved a budget worth $5.9 billion for Fiscal Year 2024-25, making it the city’s largest budget in history. This implies that the “typical Austin homeowner” may witness an increase in property taxes of roughly $16 a month, which translates to about $188 annually. Upon including rates and fees like trash, water, and electric, you are likely to face an average monthly increase of about $30, summing to $361.92 per year.
The new budget’s highlights include a 4% salary increase for civil employees, millions dedicated to assisting people experiencing homelessness, funds for new fire and EMS stations staffing, and additional funding for the police department.
Expected impact on Travis County homeowners
The county’s part of your property tax statement could rise by nearly $287 for the year – provided you approve a tax rate increase in the November voting. The Travis County Commissioners are predicting this hike as part of their proposed budget, expected to be voted on in the upcoming month.
This proposed increase of 2.5-cent in the property tax rate aims at creating affordable child care. County staff estimates that this hike will generate about $75 million in the first year and would cost an average homeowner roughly $125 during the same period.
Austin Independent School District’s potential tax rate increase
The Austin Independent School District (AISD) is also considering a tax rate increase to be sent for the November voting next week. This will help in reducing the budget deficit, which the school district anticipates facing the next fiscal year. If the voters approve this tax rate increase, the typical homeowner will have to pay an additional $412, or $34 more a month.
The Austin Community College Board of Trustees has given green signal to a $534 million budget in July. Roughly 67% of the college’s funding comes from property taxes, however, the board is not considering any tax rate increase this fiscal year.
Future plans for Central Health
Meanwhile, Central Health is still going through its budget approval process. After its board of managers gives the final nod, the Travis County Commissioners will weigh in. Central Health has proposed a tax rate of 10.7969 cents per $100 of property valuation. This increase, amounting to $66 for the average taxable homestead in Travis County, will fund robust initiatives to revolutionize healthcare access for the community.
Despite the looming increase in property tax, local authorities are positive that the additional funds will be instrumental in improving public service provisions and helping vulnerable communities.
