AUSTIN (KXAN) — At Thursday’s regular meeting, the Austin Independent School District Board of Trustees approved a new property tax rate for the district, and it’s the lowest rate in 20 years.
The new tax rate is $1.0617 for every $100 a home is valued at, four cents lower than last year’s tax rate.
District officials said despite the decrease in the tax rate, property tax bills are expected to go up because homes values are increasing. However, with the tax rate decrease, the district says they’ll still save the average homeowner around $200 on the next tax bill.
AISD has to send nearly half of its property tax revenue to the state to be dispersed to other school districts that don’t have as much taxable property.
Austin Community College also passed a lower property tax rate earlier in September. ACC’s new rate is one-tenth of a cent lower than last year at 10.48 cents per $100 of a home’s value. It’s the lowest tax rate for all community colleges in Texas, officials said.