Editor's note: Travis Central Appraisal District was corrected.

Travis County officials released a preliminary property tax rate of $0.318239 per $100 valuation for fiscal year 2022-23, a $0.039 decrease from last year.

Many Travis County residents can expect to pay slightly less in FY 2022-23, despite increasing property values.

The median taxable residential property value in 2022 is $305,183, according to the Travis Central Appraisal District. At the FY 2021-22 tax rate of $0.357365 per $100, the median taxpayer would pay $1,090.62. For 2022, the median taxable value is approximately $338,344, according to the TCAD’s April estimate. At the proposed rate, the median homeowner would pay $1,076.74. Overall, the new tax rate will result in an $18.10 decrease in the county’s portion of a homeowners tax bill on a median-priced home.

There are two parts to the preliminary tax rate: the maintenance and operations rate, which is set at $0.278921, and the debt service rate, which is set at $0.039318.

The county can afford to reduce the tax rate in FY 2022-23 because of rising property values in the area. The median taxable value in Austin has increased by 12%, with the median value being $305,183 in FY 2021-22 and $341,778 in the preliminary budget for FY 2022-23, according to TCAD data.

This rate is scheduled to be adopted by Travis County commissioners on Sept. 20.