, buyers have been crunched to find homes, pushing prices up. High demand, tight inventory, low interest rates and more have led to a soaring housing market.
In that case, the city would be in danger of collecting more property tax revenue than allowed by state law. The projections are tied to the city’s base property tax, which doesn’t include newly built homes or stores. After the law passed, major credit agencies warned San Antonio and other Texas cities that it would strain their finances and possibly end up costing taxpayers more.
The city’s sales tax revenue was up significantly in the first quarter, Walsh said. The record collection was up 22 percent compared to last year.Typically, the city has held budget talks with City Council in late May or June. Walsh proposed starting the budget workshops in the second week of April to move up the timeline. Then, San Antonio would have about a month to gather public input.
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