Notes/Errors/Corrections – Austin City Council Homestead Exemption Work Session video

UPDATE 5/21/2015: So far, the city has corrected 1 of the items that I have listed below (Item 1). They have come close to correcting a second item (Item 3). I am working on a new way to prove to them that Item 5 exists & is a big deal, without needing to refer to internals of the TCAD database. UPDATE 5/21/2015: Actually, Item 3 is fully & accurately corrected in their revised slides. So, Item 1 and Item 3 are fixed. UPDATE 6/9/2015: I don’t have an updated homestead presentation from the city. However, the city released a fiscal note before the 6% homestead exemption vote. The fiscal note lists the cost to city revenue of a 6% homestead exemption, at the .4824 tax rate, at $7.6 million. This is up from their previous estimate of $5.2 million on slide 18 of the presentation.  That’s great — much closer to what I get in my calculations! This stuff is complicated and quite difficult to write about. I’ve been trying to keep these “UPDATE” sections short, but this one is going to have to be involved, because I need to document this update, in case I need to reference it in the future … Last week, I spent a couple of hours trying to somehow get anywhere near the $5.2 million cost that the city put on slide 18, but could never come close anywhere near it. Thus, I’m not surprised to see the $5.2m number revised (note that the lower half of slide 18 had already been corrected, after I sent the city an explanation of Item 3). Whenever I calculate the cost of a...