Short term rental Regulations to be discussed at City Council

WOW- How will this impact you????

City Council to Discuss Adopting New Short Term Rental Regulations

At their regular meeting on July 18th, the City Council will discuss the possibility of adopting regulations that would require property owners to obtain a license for the short term rental of residential property (less than four weeks). These licenses would include conditions intended to ensure the compatibility of the rental property with neighboring residences. Short Term Rentals Summary

If you’re interested in this subject, we encourage you to review the following documents:
(1) Short Term Rental License - the ordinance establishing the licensing requirement;
(2) Zoning Ordinance Amendment - the ordinance amending our zoning regulations to allow the use in residential districts;
(3) Fee Schedule Rentals - the ordinance amending the fee schedule to cover costs associated with the licensing;
and to attend the hearing on the 18th.

Questions regarding these proposed ordinances should be directed to Shannon Burke, Director of Building and Development Services, at 314-7542 or shannonburke@lakeway-tx.gov. 

'Error' will delay property tax rates

See my blog post for my personal experience on fighting my property taxes at TCAD.

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More than 15 percent still protesting
rates

AUSTIN (KXAN) - Due to a "clerical error," more than 140 jurisdictions in Travis County will have some major headaches, and possibly some upset taxpayers, as they must now wait to set their true tax rates for next year for at least another month.

The City of Austin, Austin ISD, and other Travis County taxing authorities will have to wait when it comes to setting how much they will tax property owners.

"We incorrectly certified [the tax roll]," said Travis County Chief Appraiser Patrick Brown Thursday.

By law, an appraisal district must certify the values of the property listed on its tax roll with 90 percent of the property not under protest by July 20.

This year, a mistaken query falsely identified 90 percent of the property not under protest, Brown said.

In reality, about 15 percent of people are still protesting their property taxes, he said.

"Part of the problem due to the large number of protests this year," Brown said. "They're maybe figuring out that this is a way they can save some money."

More than 90,000 people protested their property taxes this year in Travis County, compared to 62,000 last year, said Brown.

Brown said the tax rolls should not change from the original estimates sent out in error.

The Austin City Council could vote on a maximum property tax rate as early as next week, but could not set a final tax rate until the roll is certified.

The 2010 budget is set on recommendations to raise property taxes by $69 per year for the median household, arriving as a way to shore up a nearly $30 million budget shortfall for 2009-2010.

In a memo to the mayor and city council members, Austin's Chief Financial Officer Leslie Browder said the city is working with the Law Department to determine if the delay will affect "truth-in-taxation" requirements required by law leading up to the adoption of a tax rate, and whether it will affect the city's budget schedule.

The police, fire, EMS, Municipal Court, health and human Services, library and parks and recreation departments will present their budgets to the city council at a meeting on Wednesday, Aug. 5 from 9 a.m. to 3 p.m.

The next day the city will hold a public hearing.

The Austin Energy, Economic Growth and Redevelopment Office, Austin Water Utility, Solid Waste Services, Watershed Protection, Public Works, Austin Transportation Department, Aviation, Convention Center, and Planning and Development Review departments will present their budgets on Wednesday, Aug. 19 from 9 a.m. to 3 p.m.

If needed, the city will again host a public hearing the next day and hold more budget presentations on Wednesday, Aug. 26 from 9 a.m. to 3 p.m.

The budget approval readings will take place from Sept. 14 to 16.

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Read the original article here or visit my website for information and advice about owning, buying, or selling a home in Austin, Texas

Austin home sales hit highest level in a year

By Claudia Grisales
AMERICAN-STATESMAN STAFF
Tuesday, July 21, 2009

Austin-area sales of existing homes hit the highest level in a year last month, according to figures Monday from the Austin Board of Realtors.

Last month, 2,135 single-family homes were sold in the area, down 4 percent from a year earlier. That was the smallest decline since a 2 percent drop in July 2007, when the market began to soften amid an emerging national mortgage crisis.

This year, sales were down 19 percent in May and 18 percent in April from a year earlier.

Pending sales — those in the pipeline to close in July — were up 4 percent, to 2,084.

"We've seen the year-over-year gap in sales volume close steadily throughout 2009, and that momentum continues this month," said Jay Gohil, chairman of the Board of Realtors.

Jim Gaines, research economist for the Real Estate Center at Texas A&M, said there's not yet a clear signal that the Austin market has hit bottom.

"That's the $64 million question," he said.

He said Texas is seeing more signs that the recession has landed with full force, such as a weakening job market — including in Central Texas — and falling sales tax revenue.

But there is growing evidence nationwide that the housing market is starting to stabilize. Combined, sales of new and existing homes hit an annual rate of 5.1 million in May, the highest level this year.

In Central Texas, the market is benefiting from low mortgage rates and a healthy supply of homes for sale. Another strong incentive: an $8,000 federal tax credit for first-time buyers who close on a home before Dec. 1.

But the market faces a long climb back. Home sales last month were down 23 percent from June 2007.

Mark Sprague, Austin partner for Residential Strategies Inc., which tracks the housing market, said the Austin market appears to be improving.

As fewer developers build homes and the number of available lots continues to shrink, it will mean more demand for existing homes, he said.

"Resales are a little better," Sprague said. "I'm cautiously optimistic."

Sprague reiterated that the Austin market has not slumped as deeply as the national market. The median home price in Austin last month was $199,900, unchanged from a year ago. Nationwide in May, the latest data available, prices were down 15 percent from a year earlier.

Mortgage broker Ashley Hall said June was a busy month for her firm, with a large percentage of homebuyers looking to move to Austin from destinations such as California and Arizona.

"We have seen a great deal of activity," said Hall, president of Barton Hills Mortgage.

Hall said her firm saw purchases increase about 15 percent in June. Of those, 60 percent were buyers moving from other cities or states, and 40 percent were previous customers moving to bigger or better homes. The average purchase price was in the $450,000-to-$500,000 range, with a few sales over $1 million.

Tom Polk, a broker associate with Stanberry & Associates, said June's figures finally reflect what he's been seeing in his own business.

Polk said he's also received interest from prospective homeowners looking to move to Austin as well as investors.

"It's about time," he said. "There is a distinct change in activity and attitude out on the street."

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Read the original post here or learn more about Austin, Hill Country, and Lakeway home sales on my website.

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