Tax increase lower than projected

Published 7:57 am Tuesday, December 14, 2010

Austin residents are going to see lower tax increases than they thought, according to Mark Stotts, director of finance and operations at Austin Public Schools.

As part of the district’s annual Truth in Taxation meeting, Stotts and Kimberley Hillberg of Larson Allen, LLP gave information on the district’s financial information, projected budget revenue and expenditures and the levy increase.

The district’s levy funds, which come from property taxes, will increase to $5.9 million from $5.8 million, or by about 1.83 percent. That is not because of the Nov. 2 referendum, in which Austin residents voted to extend two levies worth about $1.5 million over the next ten years, but rather because of changing tax formulas made at the state level.

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That 1.83 percent increase is even lower than the 4 percent increase reported in tax statements sent to Austin residents in November.