Lakeway’s total taxable value has increased more than $31.38 million from fiscal year 2018-19 to 2019-20, according to city documents.

That jump to $4.997 billion, coupled with City Council’s proposal of a $0.1645 tax rate during the Aug. 26 special meeting, is projected to increase revenue by $223,887, even though the rate is the same as 2018’s figure of $0.1645 per $100 of valuation.

Council Member Steve Smith said the proposed rate approved Aug. 26 could lower prior to the official adoption of the tax rate in September, but it cannot go higher, Smith said.

The addition of $146.84 million in new taxable property represents a 7% increase from last year, and city documents state that is actually down 3% from the 10% jump in taxable property in Lakeway between the 2017-18 and 2018-19 fiscal years.

On the whole, city projections estimate $15.135 million in total revenue for 2019-20, up 1% from last year, and $15.133 million in expenditures, or a projected 8% jump from last year.

Information from the city states the $0.1214 portion of the 2019-20 tax rate going toward maintenance and operations is the second lowest in the city’s history.

Figures from Lakeway show the city should get an additional $1.35 million in sales and tax use revenues this fiscal year over 2018-19.

Lakeway is also paying back $2.157 million to debt service represented by several projects, the biggest of which is the city’s new $23 million police building that opened earlier this year. City documents show more than half of the debt service payments for 2019-20, $1.133 million, are for the police building.

The average taxable value in 2019 of a home in Lakeway is $550,296, which is almost $23,000 more than in 2018. With the proposed tax rate, the city portion of Lakeway residents' tax bill averages to $905 for the year—$38 more than, acting City Manager Julie Oakley said.