A maximum property tax rate of 46.09 cents was set for Austin tax payers Aug. 27 despite the possibility that taxes could be lower than proposed. The Finance Department officials proposed a 46.09 cent maximum tax rate when they first presented the budget in early August; however, the tax roll valuation, which was revealed Aug. 26, was much higher than expected. This means a lower tax rate can be used to still meet the funding needs of the proposed budget. Upon the release of the tax rolls, Mayor Steve Adler released a statement expressing his desire to lower tax bills for Austinites. “Finally, there is a growth dividend for the residents of Austin.  We can now lower both tax bills and the tax rate, something that hasn’t happened in this city for a long time,” Adler said in the statement. “And with the size of this dividend, we should also be able to make needed investments in social services and health care. The rising tide of growth should lift all boats.” The budget also includes a 6-percent homestead exemption and funds to assist renters in need. District 8 Council Member Ellen Troxclair suggested the council lower the maximum tax rate to 45.98 cents, but that motion failed with only Council Members Don Zimmerman and Sheri Gallo voting with Troxclair. All three council members then voted against the rate of 46.09 cent, which passed council Aug. 27. District 5 Council Member Ann Kitchen said she did not support Troxclair's motion because she wants to keep all options on the table as budget talks continue. The property tax rate will be officially set Sept. 22 with 46.09 cents set as the highest limit possible. Public hearings on the property tax rate will take place Sept. 10 and Sept. 17. Austin City Council is set to pass the budget Sept. 8 with meetings slated to continue if needed Sept. 9-10.