The maximum property tax rate of $0.374698 was set during the regular Georgetown City Council meeting Aug. 8 following the council’s workshop session prior to the meeting.
The rate was set in a 6-0 vote with Council Member Mike Triggs absent.
Some context
Assistant Finance Director Nathan Parras explained that council’s approval of the rate reflects the maximum rate set and is not the adoption of the rate itself.
A public hearing on the maximum tax rate will be held Aug. 22 with council officially voting on the rate during the Sept. 12 meeting.
According to City Manager David Morgan, the property tax revenue estimates in the proposed fiscal year 2023-24 budget are:
- An increase in the average homestead tax bill of $125
- The current homestead exemption approved by council in June 2022 of 5% will remain.
- The average taxable home value will increase from $335,000 in 2023 to $368,000 in 2024.
What they’re saying
“You’re seeing a significant growth in value of $1.4 billion of new property coming online,” Morgan said. “That is a new record. ... [It] correlates to all the growth that we’ve seen, not only with all development types but commercial as well.”
