File photo
File photo
City of Austin officials are proposing to increase property taxes for the 2020 tax year.
According to a news release, Austin's governing body has proposed a new tax rate of $0.5335 per $100 valuation, which is an increase over the No-New-Revenue Tax Rate of $0.4284 per $100 and the voter-approval rate of $0.4460 per $100.
A public hearing regarding the proposed tax rate will be held at 10 a.m. on Aug. 12 at the Palmer Events Center, 900 Barton Springs Road.
The no-new-revenue tax rate would have imposed the same amount of property tax on taxpayers as the previous year and the voter-approval rate is the highest rate that the City of Austin may adopt without being required to hold an election to seek voter approval of that rate.
Since the proposed tax rate is higher than the voter-approval rate, the city must hold an election so that the voters may accept or reject the proposed tax rate. If a majority of voters reject the proposed tax rate, Austin will be required to adopt the voter-approval tax rate of $0.4460 per $100.
The election will be held on Nov. 3.
Alerts Sign-up