Today, Austin City Council began the process of adopting an estimated $3.5 billion budget for the upcoming Fiscal Year. During the hearing, Council was presented with figures of additional property tax revenue. This increase resulted from higher appraised property values and improved tax collection. These additions are excesses that were previously unforeseen. I proposed two motions that would have passed the benefit of this revenue along to Austinites. By keeping City revenues the same as the previous year, we could have lowered the tax rate for Austinites by 0.36 cents per $100 of property valuation (approximately $4.5 million). Affordability represents a key issue in Austin, and today’s vote undermines efforts to preserve it. We should not be spending this new revenue on council member projects, but instead, we should help all Austinites by lowering the property tax rate. I am truly disappointed that my motions failed – twice – on a vote of 6-1. We missed a perfect opportunity to preserve affordability.
Posted on: Mon, 08 Sep 2014 17:51:38 +0000
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