Residents of Austin will see an increase to their taxes in 2019. That’s the bad news. The good news? Their Austin taxes will be going up but not by much.
No one likes paying more in Taxes. However, that’s precisely what will happen in Austin, Texas nest year. The city council recently passed a budget that will necessarily increase Austin taxes. However, the increase may be among the smallest in recent memory.
State law would allow the city to increase their revenue through taxes by up to 8%. The proposed budget increases revenue by just under 4%.
That means an estimated increase to the city’s portion of a property tax bill of $61.48 for a median value home, worth $332,366, with a homestead exemption. Fees for transportation use also will go up, but other fees will remain stable. The average homeowner is expected to pay $4,022 for all city taxes and fees in 2019, an increase of $78.
Altogether, Austin taxes will help fund a city budget of $4.1 billion, the largest ever. It also represents an increase of $156 million over the 2018 budget.
The increase to Austin taxes will help cover a cost of living adjustment for city employees. Additionally, the funds will go towards hiring new police officers and firefighters. An additional $6.2 million will go towards an affordable housing trust fund as well as funding homeless programs.
Cost of Living
Austin taxes are just one of the many factors that make up cost of living in the city. As the city has seen an economic boom in recent years, cost of living is increasing. Property taxes have been going up statewide as well.
While next year’s modest increase to taxes aren’t likely to cause people to flee, it may be time to start exploring other options. With City vs City, you can compare your current cost of living against another city and see how they stack up.
For example, let’s suppose you were thinking of moving to Austin from Chicago; or Chicago from Austin. How would your cost of living change with such a move? City vs City can help. See below for a demonstration.
With City vs City, you can compare your cost of living with another city you’re thinking of moving to. However, if you’re a resident of Austin; Chicago may not be the place for you. On average, Austin requires 7% less income to maintain the same standard of living as Chicago.
Of course, there’s more than two cities to choose from! Download City vs City and start comparing costs today.