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How Will Project Connect Impact Property Taxes in Austin, Texas?

Tax Development Nov 18, 2020

How Will Project Connect Impact Property Taxes in Austin, Texas?On November 3, 2020, Austin voters decided to raise the tax rate in the city to fund Project Connect—a plan to significantly expand Capital Metro’s public transportation network with three new rail lines, an underground station, and other improvements. This was not a bond election authorizing the city to take out a loan. While this was widely discussed as a +/- 20% tax increase, it will impact the 2020 overall tax rate by only around 4%, depending on other taxing jurisdictions. Please note the following:

  • Voters decided to increase the City of Austin portion of the tax rate by 19.6% from 44.6 cents per $100 to 53.35 cents per $100 of assessed value.
  • The 8.75 cent increase will cost the typical Austin homeowner $332 in taxes next year.
  • This increase comes while taxpayers are facing ongoing concerns over the economic downturn caused by COVID-19.
  • This increase also coincides with the consistent rise of home values in the city of Austin over the last five years.
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Zachary Fleming

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