AUSTIN (Talk1370.com) — The Austin City Council moved one step closer to putting a property tax increase before voters in November, approving a maximum tax rate Thursday that would represent a 25 percent increase.
Council members voted unanimously Thursday to set the maximum tax rate at 60 cents per $100 of taxable valuation. The city’s current rate is 47.76 cents.
Under state law, cities and other jurisdictions are typically limited to a maximum increase of 3.5 percent over the “no-new revenue” rate, without having to seek voter approval. That would be a rate of 52 cents, which is what City Manager T.C. Broadnax’s budget proposal was based on…