Cedar Park Officials Poised To Pass $132M Budget For Its Upcoming Fiscal Year

CEDAR PARK, TX -- It's around that time of year when municipalities hammer out their budgets for the upcoming fiscal year, including in Cedar Park where officials will vote on the upcoming budget on Thursday.

But the city joins a growing list of area taxing districts expected to pass a lowered property tax rate from the last fiscal year, but where residents still will see a hike in their tax bills because of soaring property values.

It's kind of the perfect manifestation of a good-news, bad-news scenario.

The city's proposed $132 million budget includes a property tax rate of $0.474 cents per $100 valuation -- lower than the last fiscal year's rate. However, the average homeowner in Cedar Park still will see a hike of $101 to their tax bill.

Why? Increased property values in a high-growth region of Central Texas -- including a 9.1 percent jump in home values from one year to the next. The average value of a home in Cedar Park grew from $265,991 last fiscal year to $290,223 this year.

Council will take up the measure at its 6 p.m. regular meeting at Cedar Park City Hall Thursday at 450 Cypress Creed Rd.

On Tuesday, neighboring Leander is scheduled to vote on its tax rate with a similar scenario as in Cedar Park: A lowered tax rate offset by higher property values. Williamson County officials are poised to pass their budget too, with similar outcomes: A lowered proposed tax rate won't result in savings but an average increase of $7.40 per month in light of the rising property values in a region experiencing brisk growth and construction.

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