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No Property Tax Rate Hike Seen in San Antonio Budget

No Property Tax Rate Hike Seen in San Antonio Budget

  The City of San Antonio does not plan to balance its budget on the backs of property owners, 1200 WOAI news reports.

 

  The proposed city budget does not include an increase in the ad valoreum property tax rate.  Budget documents obtained by 1200 WOAI news reveal the proposed tax rate for the coming tax year will remain at 56.569 cents per $100 of taxable valuation, or about $570 a year for a $100,000 home.

 

  But that doesn't mean your taxes aren't going up.

 

  The Bexar Appraisal District reports that the total increase in net taxable value throughout San Antonio jumped 4.68% in 2013, or about $5.36 billion.  Much of that is from new construction, but it also reflects the rising home values.  The more your home is worth, the more in property tax you will pay.

 

  Some exemptions have shifted as well, meaning that the actual amount of taxable value on your home, the 'effective tax rate' may change as well.

 

  The City is anticipating a roughly $50 million deficit in the coming fiscal year, which begins October 1.

 

  Budget hearings are set throughout the months of August and September, and city council is expected to vote on the tax rate on September 12.

 

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