Georgetown ISD passes lowered tax rate for FY 2023-24

Georgetown ISD trustees passed a lower tax rate for fiscal year 2023-24 on Sept. 18 in anticipation of a property tax relief measure headed to voters Nov. 7.

What's happening?

GISD officials approved a tax rate $0.0869 less than the rate used to calculate its budget. This comes as the Texas Education Agency lowered the maximum compressed rate, or the maximum base rate for the district determined by the state, by $0.10 in the time since GISD approved its budget in June.

Other factors contributing to the lowering of the district's property tax rate include the proposed increase to the homestead exemption from $40,000 to $100,000 under Senate Bill 2 and the finalization of property values within the district's bounds.

What they're saying

GISD Chief Financial Officer Jennifer Hanna said under SB 2, the district would receive approximately $2.5 million in funds annually from the state for a period of five years. These funds would be used to offset reduced tax revenue caused by a larger homestead exemption.

Should voters pass the property tax reduction measure in November, the district's budget would not be majorly impacted, Hanna said during a Sept. 5 workshop.