SOLUTION: Boost the Homestead Property Tax Exemption to the maximum level of 20 percent
Regrettably, many Austin residents have already been taxed out of their homes. We can and must reverse this trend for the generation to come by doing everything we can to reduce the burden of excessive taxation.
After the maximum homestead exemption of 20 percent is put into place, the city government should look for other ways to extend tax savings to all renters and business owners (not just home owners) as well.
Our property tax relief statement:
“The City Council, elected servants, and city government employees should diligently work to accomplish the maximum 20 percent homestead exemption allowed by state law".
Below is a plan we promoted in 2014, put forth by the Laura Pressley for Austin City Council campaign.
The Pressley Plan: City of Austin Homestead Exemption
-There are 400,000 properties in Travis County
-There are 126,000 properties in the City of Austin taxing jurisdiction with homestead exemptions
-$38 billion is the total appraised value for all homestead properties (2014)
-A 20% homestead exemption would reduce City Revenue by $36 million
-A 10% homestead exemption would reduce City Revenue by $18 million
-$228,000 is the median value of all homestead properties
-A 20% homestead exemption is currently allowed by state law. This would amount to a $220 savings per year for median-value homes