San Antonio’s City Manager has some welcome news for property owners whose tax assessments have skyrocketed. Sheryl Sculley said the proposed budget for next year may call for a lower property tax rate. Sculley talked about the tax rate and the city’s bond rating during a Thursday morning press conference.
During her election campaign this spring Mayor Ivy Taylor called for lowering the city tax rate of 56 cents per $100 of property value. She was responding to a surge in home values and tax appraisals. Now Sculley says city council members have requested next year’s budget include a reduction in the city property tax rate
“Without telling you what exactly will be in my proposed budget that will be presented a week from today on August 6, I think that’s something that will likely appear,” Sculley said.
She reminds, however, that the city taxes aren’t the biggest share of what San Antonio property owners pay.
“About half goes to the public schools, and about a quarter to the county and University Hospital, and about a quarter to the city,” she said. “So we’re just about one quarter of the property tax bill.”
Sculley also said the city will keep its AAA bond rating from the three major credit rating agencies despite concerns that police and fire contract negotiations would lead to a downgrading of the rating. Keeping the top rating means the city is charged lower interest rates when it borrows money for projects. Sculley said the strong rating will save taxpayers millions of dollars.
