If you're a homeowner in the Austin area, then you're no stranger to high property taxes. But you may be surprised to learn just how quickly your taxes have increased over the last few years.

According to the City of Austin's proposed budget for fiscal year 2015, the average Austin area homeowner paid a property tax bill of $3,072 in fiscal year 2008. In the coming fiscal year-FY 2015-that same homeowner will pay an average of $4,300 in property taxes, representing a 40 percent increase over the period.

As a percentage of family income, Austin homeowners have seen their property taxes consume an ever greater share of their earnings. In FY 2008, property taxes represented 4.4 percent of the average Austin family's income. In FY 2015 that percentage will increase to 5.6 percent. 

Source: City of Austin

Of the average $4,300 total tax burden, Austin ISD represents the largest share at $2,221 followed by the City of Austin ($945), Travis County ($750), the healthcare district ($203), and Austin Community College ($182).

Source: City of Austin

As burdensome as property taxes have become in the Central Texas area, there does not appear to be much relief on the horizon. The city's proposed budget suggests that the region's taxing authorities are "working together to coordinate with regard to the timing and scope of prospective bond or tax rate elections." Already, four tax rate and bond elections have been identified as possibilities between now and the middle of next year.

Source: City of Austin

Central Texas' property tax burden is punishingly high, and shows few signs of slowing down in the immediate future. If Austin is to remain affordable and competitive, then it is critical that local officials and Austin-area residents begin considering meaningful reforms to alleviate the area's ever-increasing property tax burden.