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Travis County Property Owners to Receive Appraisal Notices

A beautiful neighborhood view in Travis County, Texas

News Summary

Property owners in Travis County will soon receive Notices of Appraised Values, detailing property characteristics and applicable exemptions. Decreased market values are not directly linked to property tax changes, as tax bills depend on local budget allocations. With Austin experiencing a rise in tax bills and a record high city budget, homeowners are encouraged to review their property valuations and consider protesting if overvalued.

Austin – In the coming weeks, property owners in Travis County will receive Notices of Appraised Values from the Travis County Appraisal District. This notice will provide homeowners with crucial information about their property characteristics and any exemptions that may apply. Should property owners disagree with the appraised values, they have the right to protest.

Current Market Trends

Despite a broader economic landscape, the average single-family residence in Travis County is reporting a 4.5% decline in market value. However, it is essential to note that changes in market values do not directly correlate with property tax bill changes. Tax bills are influenced by the property owner’s share of the total tax levy, which is largely determined by local budgets.

Local Taxing Entities

In Austin, local taxing entities include the Austin Independent School District (AISD), the city of Austin, and Travis County. Notably, AISD accounts for nearly half of the tax bill for property owners.

Recent Financial Decisions

Conversations are underway regarding the city’s budget, which faces anticipated financial volatility. Homeowners experienced a significant increase of more than 13% in their tax bills last year, driven by various local budget decisions and tax rate increases. This included a voter-approved tax increase for AISD aimed at addressing budget deficits.

Upcoming Budget Proposals and Economic Outlook

The city of Austin has announced its budget for fiscal year 2024-25, which amounts to approximately $5.9 billion—the largest in its history. This budget includes an increase in property tax rates. As a result, the average property tax bill for homeowners is projected to rise by $1,123 compared to the previous year.

Penalties for Non-Payment

Property taxes that remain unpaid by the January 31 deadline will incur penalties and interest, with potential escalations reaching up to 18%. This presents an additional financial strain for homeowners who are already grappling with increased valuations.

Tax Relief Considerations

In response to growing concerns over property taxes, Texas lawmakers are evaluating how to provide relief amidst a budget surplus estimated at nearly $24 billion. Discussions focus on the effectiveness of appraisal caps and the potential for increased state funding for schools in order to reduce state dependency on property taxes.

Budget Proposals for Property Tax Reduction

Recent budget proposals aiming to alleviate property tax burdens fall short of the anticipated need. The Texas Senate has proposed $3 billion while the House has suggested $3.5 billion in relief funds.

Advisory for Property Owners

Property owners are advised to regularly review their property valuations and consider filing a protest if they believe their properties are overvalued. This proactive approach can aid homeowners in managing their tax burdens more effectively as the region navigates these financial complexities.