Travis County residents can expect a higher tax bill next year as officials gear up to fund mental health diversion, overdose prevention, transportation improvements, salary increases for staff and more in fiscal year 2023-24.
The court unanimously approved the FY 2023-24 tax rate of $0.304655 per $100 valuation Sept. 19. While the approved tax rate is technically around $0.014 less than the fiscal year 2022-23 rate, the average Travis County homeowner’s tax bill will increase $86.18 due to rising home values. The average taxable property value in Travis County currently sits at $475,289.
The details
There are two parts to the approved tax rate: the maintenance and operations rate, which was approved at $0.269707, and the debt service rate, which was approved at $0.034948.
What else?
The county also approved a $14,000 increase to homestead exemptions for seniors and people with disabilities. The hike will save affected homeowners an average $42.65 on next year's tax bill compared to if the previous exemption was still in place with the new tax rate. The previous homestead exemption was $110,000, and the new exemption is $124,000.
Quote of note
“The court recognizes that many people above 65 or older are on fixed income and they've increased the exemption in the last few years to make it more affordable,” Travis County Budget Director Travis Gatlin said.
What’s next
Travis County will vote on their proposed $1.3 billion budget—an effective 9.8% increase year over year—on Sept. 26.
