Local governments and tax entities in Central Texas are finalizing their tax rates and budgets for the upcoming fiscal year of 2024-25. The decisions made during this process will have a direct impact on the wallets of residents in the region. If the proposed tax rates are approved and additional tax increases are voted for in November, the average homeowner could potentially see an increase of approximately $950 in their property taxes, equivalent to an additional $80 per month.

To provide residents with a better understanding of how these proposed rate increases might affect them individually, the Travis County Tax Office has provided a website where individuals can enter their address for a personalized assessment. It is important to note that property taxes are also influenced by the value of homes and homestead exemption qualifications.

The Austin City Council recently approved a record-breaking budget of $5.9 billion for the fiscal year 2024-25. According to the city of Austin, a "typical homeowner" in the city can expect their property taxes to increase by around $16 per month, amounting to approximately $188 per year. When other associated rates and fees such as trash, water, and electric are factored in, this increase rises to roughly $30 per month or $361.92 per year. The new budget includes a 4% pay raise for civilian employees, allocations for homelessness support, funding for new fire and EMS stations, and additional resources for the police department.

Travis County's proposed budget, expected to be voted on next month, indicates a potential increase of approximately $287 in the county's portion of the property tax bill for the year, assuming a tax rate increase is approved in November. Travis County Commissioners unanimously voted to include a 2.5-cent property tax rate hike on the November ballot. The additional revenue generated, estimated to be around $75 million in the first year, will be allocated towards creating affordable child care. For the average homeowner, this tax rate increase would mean an additional cost of approximately $125 for the same time period.

The Austin Independent School District (AISD) is also considering proposing a tax rate increase on the November ballot. This potential increase aims to address the projected budget deficit for the upcoming fiscal year. If approved, the average homeowner would be required to pay an additional $412, amounting to an extra $34 per month. AISD has provided a tax rate calculator on their website to help individuals assess the potential impact.

The Austin Community College (ACC) Board of Trustees has already approved a $534 million budget for the coming year. While the majority of the college's funding relies on property taxes, no increase in the tax rate is being considered for this fiscal year. ACC staff confirms that the proposed tax rate of $0.1013 per $100 valuation would ensure that the average property tax bill remains unchanged.

The budget process for Central Health is still ongoing, awaiting approval from the board of managers and Travis County Commissioners. Central Health has proposed a tax rate of 10.7969 cents per $100 of property valuation. The increase, estimated at $66 for the average taxable homestead in Travis County, is aimed at funding initiatives to enhance healthcare access and create a more equitable healthcare system.

As local governments and tax entities move forward with these proposed tax rates and budgets, it is crucial for residents to stay informed and consider the potential impact on their own finances. The November ballot presents an opportunity for individuals to voice their opinions on these tax rate increases and shape the future of their community's financial landscape.