Austin’s property tax levy grew faster than the preferred rate of growth from 2016 to 2020 and Vance Ginn, Chief Economist of the Texas Public Policy Foundation, is advocating for the importance of reducing property taxes for all Texans.
In a June 13 newsletter, Ginn noted, “No matter how you slice it, Texans everywhere need property tax relief. Whether rich or poor, urban or rural, homeowner or renter, Texans face an affordability crisis that can be helped with property tax relief. And they want it now.”
Ginn referenced reporting by the Austin Journal on a proposal that would stand to decrease property taxes across the state of Texas by up to 80%. The plan would use surplus from the state budget to pay down maintenance and operations taxes by 2033, when they would then be eliminated.
Austin’s property tax levy grew 69.8% from $559.5 million in 2016 to $949.8 million in 2020, according to a report published by the Texas Public Policy Foundation. The combined population and inflation for the city grew by 10.2% during that time, resulting in a difference between the two of 59.5%.
Renae Eze, a spokesperson for Texas Gov. Greg Abbott, told the Austin Journal that Abbot was considering several options to approach the difficult task of providing relief on property taxes.
“He [Abbott] strongly supports using the state surplus to reduce the amount of property taxes owed and will work with the Legislature in the next session to do it in an efficient way that will ensure it endures for years to come, rather than as a one-time buy down,” Eze said. “And under his Taxpayer Bill of Rights, Gov. Abbott will continue working to deliver substantial and lasting property tax cuts.”
