The Cedar Park City Council has adopted an ad valorem property tax rate on of .432 per $100 of property valuation. The new rate represents a one-and-a-half-cent drop from last year, which the city says is significant given the past year’s increase in property values.
This will be the ninth consecutive year Cedar Park has lowered the tax rate. The new rate is also the lowest Cedar Park has seen since 1998.
Combined with the City’s $5,000 homestead exemption, the average Cedar Park homeowner will see roughly a $9.62 monthly increase in his or her city property taxes in 2022, the city says. Property taxes paid to the City represent only about 18 percent of the total property tax bill; the rest goes to the school district, county and other taxing entities.
Cedar Park’s General Fund Budget for the new fiscal year is $66.47 million. The General Fund is funded by property tax, sales tax, and user fees for day-to-day city operations.
City Manager Brenda Eivens says, “The City of Cedar Park’s new Budget is structurally balanced and looks to the future. In years past we focused on core services and completing the implementation our seven-year 2015 voter-approved bond program. While we are taking care of our immediate needs, we also have our eyes toward the future, looking at our expanding growth and diversity, and responding to our residents’ wants and needs – for the community we all call home. This new Budget answers our community’s continued desire for strong public safety, and lays the groundwork for the future openings of Lakeline Park and the new Cedar Park Public Library in the Bell District.”
New budget information will be updated next week on www.MyCedarParkBudget.com.
