Glasshagel states that “Austin’s long-term trends remain strong due to the level of job growth.” Companies that relocated to the market didn’t do so for just one cycle—the companies will be there on the other side of the market slowdown, and our team at Zonda is working through what all of this means for market resilience and longer-term housing demand.
Austin has continually been a top market for domestic net migration, with more people moving in than moving out. In fact, much of the growth in the market was from relocators competing with investors and locals for the growing, but still limited, housing inventory.
He is moving out of the city of Austin, specifically 78704… to Dripping Spring, a suburb of Austin. 2022 property tax by city of Austin/ Travis County is outrageous high, hike 50% y/o/y… to fund the build of an underground tunnel by… boring…
If you want to come to Austin, move to Williamson County, avoid city of Austin and Travis County.
In 2021, a property with a Homestead Exemption had a market value of $318,138 and an assessed value of $280,084. For 2022, the subject’s market value increased to $462,603, but the assessed value is limited to the previous year’s assessed value ($280,084) plus 10% of that value ($280,084 x 10% = $28,008). The assessed value for 2022 is $308,092. This taxpayer’s value for taxes is starting at $308,092 instead of $462,603 in 2022.
The motion, which passed with a vote of 4-0, increases the existing tax exemption for residents age 65 and older as well as residents with a disability to $125,000. The general homestead property exemption was increased to 5% of assessed value or a minimum of $5,000. The increased exemptions will be in effect for the tax year beginning Jan. 1, 2022.
In Texas, the homestead exemption is as good as Prop 13 in CA, and fairer as it applies to Primary homes only.