Georgetown City Council adopted a new fiscal budget Sept. 28, which concentrates on increasing services and infrastructure to the growing city.
Approved by a 5-1 vote, the new $483 million budget lowers current property tax rates by 1.7 cents, from 41.8 cents to 40.1 cents per $100 valuation while the budget itself is an increase from last year’s of $396 million.
According to the council, it expects to see record-setting growth in the next year, so the new budget concentrates on allocating tax dollars to ease that growth like funding infrastructure, transportation, public safety, customer services and providing staffing and equipment to handle the expected growth.
According to the City of Georgetown, property values have increased 15.4% for homeowners in Georgetown, which means the average homeowner will pay more in property taxes next year—about a $56 increase. However, the council voted to increase the homestead exemption to around $5,000, which will contribute $370,000 in relief for taxpayers.
The release also said the new budget was spurred by numerous council discussions and surveys returned by Georgetown residents in 2020 and 2021.
The new tax rate will take effect Oct. 1 and run through Sept. 30, 2022.