Most renters can expect less than $35 change in monthly rent
If Austin school leaders ask voters to approve a property tax increase in the November election, and if voters do so, most local homeowners will begin paying around $35 a month more in school taxes next year. Not too bad, right? But strange as it may seem, renters will likely pay more.
The impact of an additional $40 million for the district is clear: It would help pay teachers and prevent school closures. But if every home in Austin costs a little more this time next year, how would that impact renters? Here’s how that pencils out: With the proposed tax rate, an Austin homeowner living in a median value home would now pay $4,300 annually, or about $26 more per month than they currently pay. Because landlords can’t use the homestead exemption, they would pay $5,229 for the same house, or $32 more per month.from rentals, and that means passing on costs.
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