This week, the Austin Independent School district eliminated the property tax exemptions for historic properties. Apparently, the exemptions for these vintage homes and buildings was breaking the bank in a tight budget year. Problem is, according to the Statesman, AISD will net less than $100,000 as a result. That's because, although a total of almost 2 million extra tax dollars will now be collected, the state's recapture formula for schools sends most of that cash to the State of Texas to educate others outside our community. The debate about the fairness of that is for another time, but the fact remains that AISD is ultimately helping to diminish the imputed higher value that otherwise accrues to historic properties because of the tax advantage of owning and renovating them. It also serves as a lesson to school children that history has little value in our community.
AISD is short sighted. A possible resulting drop in historic property values due to the exemption loss could easily wipe out any $100,000 gain the district receives this year. Most would agree the State of Texas should focus on other ways to balance it's budget. Already the "rich" AISD sends millions of local tax dollars to the State of Texas. Now AISD property owners will send even more money to the Lone Star State by further increasing the "value" of our tax base and making the district even "richer".
Perhaps this is just a political statement about giving tax breaks to those who supposedly don't need it. Who knows. One thing is true however, people are drawn to those communities that value history and a sense of place. Once torn to shreds, historic fabrics can never be rewoven. Downtown Austin, Texas, Downtown Georgetown and places like it owe a big part of their success to the 100+ years of history that is still evident on most street corners. People invest in places they like and hold dear, driving property values higher and creating more tax revenue for jurisdictions like school districts. This is something we should continue to encourage.
Jeff Harris
Realtor/ Mortgage Broker
True Austin Properties
Last week it was reported that Austin, Texas apartment occupancy has risen 3.5% since last year. Now 91% of Austin apartments are occupied. Since December, the number of occupied apartments in Austin has increased by 4,800. 88% of the additional occupied units were in "Class A" apartments. Rents rose 2% as fewer incentives are being offered and far fewer apartments are being built. Downtown, I have noticed that the generous incentives of 3 months free rent has been cut in half and occupancy in some Downtown Austin buildings is closer to 95% and staying there.
Although national real estate headlines and statistics may not look so good, the 
Originally a farm owned by a State of Texas Attorney General, Pemberton Heights, or "Pemberton" was developed in the late 1920's in Austin, Texas as a "well balanced community" for "cottages" and "mansions". Cottages were originally advertised from $3,500 and mansions from $150,000. Today those same homes easily exceed 10 times that amount in value with cottages priced from the $500,000's and larger estate properties into the millions of dollars. The location of Pemberton is north of Windsor Rd, up to Northwood Road, west of Shoal Creek across from the University of Texas area to Mopac Expwy. Pemberton is 5 minutes from Downtown Austin and abuts Pease Park and Shoal Creek Greenbelts.
Thinking of building? This high elevation site, overlooking the Bull Creek greenbelt and lush green hills and valleys of Northwest Austin, Texas, offers a perfect flat building area that takes advantage of unobstructed 270 degree vistas and prevailing southerly breezes. The property is adjacent to dedicated parkland and a tributary of Bull Creek. Walking trails and the creek are nearby making it easy to soak up the natural surroundings.
The areas west of Lady Bird Lake known as Westlake and Rollingwood were originally developed in the 1950's. Rural and secluded at that time, the area has grown tremendously and is more accessible now, yet many Westlake area neighborhoods maintain a rural feel--just 5 or 10 minutes from Dowtown Austin. Some homes date from the 1950's while others are brand new construction.
A Lake Austin institution, Ski Shores Cafe, is reopening this week. Closed for the last few months for a remodel by new owners, this Austin, Texas landmark serves great waterfront fare in a casual atmosphere. For 50 years, generations have arrived by boat or car to sample burgers, catfish, fries and more.
