City of Austin’s Homestead Exemption Increases from 6% to 8%
Going into effect Jan. 1, 2016, the City of Austin’s homestead exemption will increase from 6% to 8%. So how will this effect you? If you purchase a property in 2015 which will serve as your principal residence, in 2016 you’ll only pay taxes on 92% of the worth of your home, as opposed to 94%, as it was in the past. In essence 8% of your home is now exempt from taxation. Click here for more details on this exemption increase.
West Austin isn’t Slowing Down
According to research by Community Impact, home sales in West Austin are still going strong. Although it’s common for the real estate market to slow down with the heat of the Summer, areas like Lakeway, Four Points, Bee Cave, Rollingwood, Spicewood, and West Lake Hills are continuing to experience strong sales. One unexpected factor that’s helping houses sell? A full lake. “When the [lake] level is down, we can’t give away those homes on Lake Travis that don’t have waterfront anymore,” explained Realtor® Cord Shiflet. In fact, the Lake Travis area is currently so popular, luxury condominiums are being built and expected to open September of 2016. Waterfall on Lake Travis condos offer is a great alternative for people hoping to escape the city life of Austin, or invest in a second home.
Austin Real Estate Market Holding Strong
A new income study by Apartment List provides more proof that Austin is one of the best places to live and buy property in the country. “Apartment List analyzed U.S. Census data from 1960-2014 and found that inflation-adjusted rents have risen by 64 percent nationally, but real household incomes only increased by 19 percent,” Austin Culture Map explained recently. While the rest of America is struggling with rising rents and stagnant incomes, Austin is actually experiencing a boost in BOTH! Here in Austin, rent and income are both up about 40 percent from the figures recorded at the mid-point of the study in 1980. Rent here in 1980 was $761 and now it is a whopping $1,092. In addition, Austin’s city population has more than doubled since 1980. People are flocking here due to steady employment growth and relatively low unemployment. This steady economy and ever-increasing population are just a couple of reasons Austin’s real estate market is so hot. Within the last couple of years, Austin has been named as Forbes number 1 location to buy investment property, Realtor.com’s 8th best location to buy, and Entrepreneur.com’s 8th best real estate market. So what does all of this mean for YOU? It means now is the opportune time to stop paying high rent and use your funds to invest in Austin’s real estate market! #metroaustinhomes
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