Austin property tax cut proposed

AUSTIN –The city council adopted a $3.5 billion budget for the next fiscal year that could cut the property tax rate, according to the Austin Monitor.

The budget includes a property tax rate of 45.89 cents per $100 of taxable property value, down from the current rate of 48.09 cents per $100 tax rate.

The council is expected to approve the measure at its Sept. 22 meeting.

The proposed tax rate will save the average homeowner an estimated $14 per year. However, the utility rate will be up an estimated $60 per year for the typical homeowner, meaning they will likely see a $48 increase in overall annual expenses.