Lakeway's first budget session in August sees city's taxable value exceed $5 billion

The Aug. 3 virtual work session from Lakeway City Council focused on the city's certified property tax values, which came in from the Travis Central Appraisal District at more than $5 billion.

Specifically, Lakeway's total certified taxable value for fiscal year 2019-20 is $5,124,808,029, which includes about $139 million in total new improvements to property, about $129 million in new residential property and about $9.9 million in new commercial property.

The average taxable value of a home in Lakeway is up about 2%, from about $550,000 to roughly $563,000, which City Manager Julie Oakley explained has to do with all of the new homes that were built in 2019.

"All that new property coming on the [tax] roll is lifting that value," Oakley said.

Council did not propose a tax rate at the Aug. 3 workshop, and next steps leading up to the October deadline include discussion of special revenue funds and the wildfire mitigation project as well as public hearings to adopt the city's budget and tax rate.