Georgetown officials are proposing to keep the current tax rate of $0.374 for this upcoming fiscal year.

What happened

Council held a public hearing on the proposed tax rate for fiscal year 2023-24 at its Sept. 12 meeting.

In case you missed it

The proposed tax rate is the same as the current rate because there will be more revenue from taxes due to the new assessed value in the city, according to officials.

With the proposed tax rate, homeowners would see a $125 increase, on average, to their annual property tax bill, or $10.42 per month, according to the city.

The new tax rate is made up of a maintenance and operations, or M&O, rate of $0.132684 and an interest and sinking, or I&S, rate of $0.241316.

M&O is used to cover day-to-day expenses, while I&S is used for debt service.

What happens next?

The final reading of the tax rate will be Sept. 26.

Also on the agenda

Council approved the FY 2023-24 $868 million budget at its Sept. 12 meeting.