Georgetown homeowners could see an increase on their tax bills in 2015-16. City Council approved the first reading of the city’s fiscal year 2015-16 budget and property tax rate during its Aug. 25 meeting. Council members voted to keep the proposed rate at $0.434 cents per $100 property valuation for the 2015-16 fiscal year—the same rate the council set for FY 2014-15. Although the rate is the same as the previous year’s rate, the rate is higher than the effective rate of $0.41715 per $100 property valuation, Chief Financial Officer Micki Rundell said. The effective rate it is the rate that would generate the same amount of money for the city as the previous fiscal year. With the average home value increasing 9.9 percent from $213,554 in 2014 to $234,785 in 2015 the average tax bill is expected to increase by $92.14, Rundell said. Property taxes will help fund the $282.8 million FY 2015-16 budget, which includes the city’s $53.7 million general fund budget, Rundell said. The general fund provides money to pay for the city’s operating budget. Some of the increases to the budget include the issuance of $11.7 million in voter-approved bonds for the first phase of the road bond approved by voters in May and the first phase of San Gabriel Park improvements. The council is expected to approve the second reading Sept. 8. To download a copy of the 2015-16 budget, click here.