Property taxes will not be raised in Georgetown as Town Council passes a budget for fiscal year 2025.
The over $8.6 million budget was passed late last month, with council approving a property tax rate of $3.49 per $100 of assessed value.
That’s the same rate as the current fiscal year which ends on April 30, and both the rate and budget were approved unanimously by the mayor and Town Council.
Town Manager Eugene Dvornick says county property assessments which are expected to be completed in early 2025 will most likely have some effect on future property tax rates.
"Will not be adopting the new assessments until we do our fiscal year 2027 budget,” said Dvornick. “Our fiscal year runs May 1 to April 30. So they'll just be finalizing their final amounts when we will have been approving or in the process of approving our fiscal year 2026 budget, but I do anticipate as a result of the reassessment that there will be a revision to our property tax rate."
Other budget items include increasing the number of police officer positions, three new police vehicles, funding for road projects and a new dump truck.
Dvornick says council also didn’t raise water and sewer rates.
"We did not anticipate any property tax increase nor did we increase any of our water or sewer rates. We're seeing the benefits of continued housing development throughout the town," said Dvornick.
The new fiscal year starts in Georgetown on May 1.
