City of Georgetown, Texas
City Council Regular Meeting
September 10, 2019
Consideration and possible action to approve a Resolution ratifying the property tax increase included in the 2020 Annual Budget and acknowledging that the 2019 tax rate will raise more revenue from property taxes than the previous year -- Leigh Wallace, Finance Director
The Local Government Code Section 102.007 requires the City Council take a vote to ratify the increase in revenue generated by the 2019 property tax rate. This vote is in addition to and separate from the vote to adopt the budget or to set the tax rate as required by Chapter 26 of the Tax Code.
This resolution ratifies and acknowledges that the adoption of the 2020 Annual Budget will require raising more revenue from property taxes than in the previous year. This budget will raise more total property taxes than last year’s budget by $2,920,632 or 9.56%, and of that amount $1,463,560 is tax revenue to be raised from new property added to the tax roll this year.
The increase in tax rate and related revenue is required to fund the programs and services as outlined in the budget summary. The tax rate is 1.63% more than the effective tax rate, or the rate required to collect the same amount of revenue as last year.
Leigh Wallace, Finance Director