Austin City Council has adopted a $3.5 billion budget for the next fiscal year,reports the Austin Monitor.
According to the report, the newly adopted budget approved Thursday includes a proposed property tax rate of 45.89 cents per $100 of taxable property value, down from the current 48.09 cents per $100 tax rate. The new property tax rate is not yet officially adopted, but the Monitor reports that City Council is expected to approve the measure at its Sept. 22 meeting.
According to the Austin American-Statesman, the proposed property tax rate is estimated to save the average Austin homeowner about $14 per year. But utility rate changes, up an estimated $60 per year for the typical homeowner, mean that they will likely see a $48 increase in overall annual expenses.
Written by: Michael Theis at Austin Business Journal