property tax values decreasing in Austin?

Can it be true? Will we see a drop in what property owners owe the Tax man in Austin TX? According to the Austin American Statesman we should see a 5.3% drop in tax values in our lovely city. What does that mean to revenues for the City, County and School districts? Big trouble! Thats what! is the link to the full story in the paper. We will have to wait and see what this does to the tax rate and how that will effect the interested parties and their perspective budgets!

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