Austin City Council forgoes homestead exemption increase

AUSTIN (KXAN) — City Council Member Ellen Troxclair calls it an important affordability tool the city has chosen not to use, forgoing an opportunity to increase the homestead exemption this year.
Here’s how the exemption works. It’s the amount of your home’s assessed value exempt from property taxes. Last June, Austin increased it from 6 to 8 percent. If you had a $400,000 home, Austin’s now record-high average home price, you subtract 6 percent and pay ta