The $650 million budget is slated to include more than $414 million in local funding for public schools and more than $13 million for the county's highway fund; however, this year's budget will also see several effects from the coronavirus pandemic.
Williamson County officials have proposed a $0.13 increase over the effective tax rate to help bridge gaps caused by the pandemic. This budget follows the county’s most recent home appraisals, which found that home values, on average, increased 32% since 2016.
Due to this increase, the county now has an effective tax rate of $1.7526 per $100 assessed home value, which would allow the county to collect the same amount of revenue as the previous year.
However, the county’s FY 2021-22 budget proposes a $0.13 increase over that effective rate for a proposed new tax rate of $1.8826. While this is technically lower than the fiscal year 2020-21 rate of $2.22, the new rate will allow the county to collect more income to fund the budget.
The additional revenue will help offset revenue declines in hotel and motel taxes due to the coronavirus pandemic as well as income from the Hall Tax, which brought in approximately $2.5 million annually. The Hall Tax will end in 2022 as part of the IMPROVE Act. According to the county, hotel tax revenue was down 48%; park fee collections were down 24%; and business tax was down 8%.
Residents can view the full proposed budget here.