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Georgetown City Council officially adopted the city’s property tax rate and budget for fiscal year 2025-26 at its meeting Sept. 9.
What happened
Council members unanimously ratified a tax rate of $0.353 per $100 valuation on second reading. Although the rate is $0.0117 lower than the FY 2024-25 rate, it will raise more taxes because of an increase in home values, Georgetown budget manager Mayra Cantu said.
This equates to a $14 increase on the average homeowner’s tax bill annually.
The ratified tax rate is higher than the no-new-revenue rate of $0.340269 per $100 but lower than the maximum rate of $0.353152 per $100, which council members set at an Aug. 12 meeting.
Remember this?
The tax rate supports the city’s $1.3 billion budget, which allocates funds for capital projects, purchased electricity, public safety and water operations. The budget will also fund additional full-time employees for the city.
Council members gave final approval to the budget Sept. 9 as well.
What else?
Residents can expect increased utility bills and higher electricity costs after council members officially adopted rate increases.
In FY 2025-26, the average residential customer will spend $13.40 more for water and wastewater, $12 more for solid waste, and $28.80 more for electricity.
What’s next
The new fiscal year begins Oct. 1, when the new property tax rate and fees go into effect.
