Cedar Park City Council Adopts Lowest Tax Rate In 13 Years

CEDAR PARK, TX -- The Cedar Park City Council adopted its lowest tax rate in 13 years, city officials said on Friday.

"True to its core value of fiscal responsibility, the Cedar Park City Council has once again lowered teh ad valorem property tax rate," a city advisory read. "It is the lowest Cedar Park has seen in 13 years, and is one of the lowest property rates among other local cities."

Adopted on Sept. 22, the rate is 47 cents per $100 valuation, down from 47.95 cents last year. That's a decrease of about a penny, officials noted.

Despite the good news, homeowners can see the decrease in tax rate offset by soaring home values in fast-developing Cedar Park. In Central Texas overall, there has been a 9.1 percent increase in home values from last year. The upshot: In Cedar Park, the average value of a home from $265,991 last fiscal year to $290,223 this year.

Still, Mayor Matt Powell lauded the council in its reduction of the tax rate: “This is a Council that is as tax-rate conscious as any I’ve ever worked with,” Powell said. “For the first time in the City’s 45-year history the tax rate has fallen for the fourth consecutive year, in part based on decisions made by prior Councils and this Council.”

Council Member Cobby Caputo added: “I think this is a good budget and the tax rate is moving in the right direction and I think we’ve got the ability to do all of the things we want to do and we couldn’t ask for more.”

The City Council adopted the new tax rate and a $48.9M General Fund budget for Fiscal Year 2016-2017 at its Regular Meeting on Thursday, Sept. 22. In addition to the lower tax rate, the new budget focuses on meeting citizens’ service level expectations and maintaining core services, while responding to continued growth and planning for long-term sustainability, officials said.

Also during the council meeting, the city updated its online tool www.MyCedarParkBudget.com that was unveiled last year to help citizens fully understand the budget and what their property tax dollars support, officials said.

"This website features animated illustrations, interactive explanations, and a property tax calculator – in which citizens can enter their home’s assessed value and instantly see a chart that shows exactly where their property tax dollars go," a city spokesperson said.

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