Georgetown City Council unanimously voted to set the maximum tax rate for fiscal year 2024-25 at $0.3648 per $100 valuation during its Aug. 13 meeting.
Known under Texas law as the voter-approval rate, the adopted maximum tax rate is the highest rate council can set without voter approval, according to city documents.
What residents should know
Although City Council approved the maximum tax rate of $0.3648 per $100 valuation, the budget is based on a lower proposed tax rate of $0.3647, according to city documents.
The proposed tax rate has decreased slightly from fiscal year 2023-24’s rate of $0.374 per $100 valuation.
Though the proposed tax rate has decreased, the average property tax bill is expected to increase by about $32 per year due to the growth in assessed values.
According to a Georgetown news release, the city's tax rate is among the lowest of all the cities with a population greater than 20,000 in the Austin metro area.
In a nutshell
Under Texas’ Truth-in-taxation process, government entities must set a maximum tax rate and hold public hearings on the proposed tax rate to allow for community input. The law also guides what each jurisdiction’s voter-approval rate and no-new-revenue rate is.
The adopted maximum rate is equal to the voter-approval rate but higher than the no-new-revenue rate, which for FY 2024-25 is $0.349 per $100 valuation.
Georgetown’s Budget Manager Mayra Cantu said the vote council took Aug. 13 does not set the official tax rate for FY 2024-25 but rather sets the highest rate council will be able to consider moving forward.
Quote of note
“Georgetown continues to experience rapid growth, and the proposed budget reflects our focus to maintain core service levels while also improving customer service levels,” Georgetown City Manager David Morgan said.
What else?
Georgetown residents can comment on the proposed FY 2024-25 budget via email until Aug. 25 or during the Aug. 27 City Council meeting, according to city documents.
Council will continue the budget and tax rate adoption process at upcoming meetings, according to the following timeline.
- Aug. 25: Comments on draft budget close
- Aug. 27: Public hearing and first reading for both the tax rate and the budget
- Sept. 10: Second reading and final adoption of the tax rate and budget
- Oct. 1: New fiscal year begins
