6/30/2021 – The City of Georgetown has officially raised the homestead exemption.
“We doubled the homestead tax exemption for City of Georgetown taxpayers,” Mayor Josh Schroeder wrote on Facebook. “The exemption is now the greater of 2% or $10,000. You won’t need to take any action to receive the benefit. It will happen automatically on your next tax bill so long as you already have your homestead exemption in place. This will provide a small but impactful amount of relief for rising property values raising the tax burden for homeowners.”
The action took place at a special council meeting on Wednesday, June 29.
6/18/2021 – The City of Georgetown is working to raise the homestead exemption to help residents amid rising property values.
“Good news! We are going to reduce your property taxes by raising your homestead exemption from the greater of $5,000 or 1% to the greater of $10,000 or 2%,” Mayor Josh Schroeder wrote on Facebook. “Councilman Mike Triggs initiated this action, and staff did a great job pulling together all of the numbers very quickly.”
The homestead exemption has not been changed since 1983, Councilman Kevin Pitts said in a Facebook Live.
“So, we looked into increasing it, doubling it basically from $5,000 to $10,000,” Councilman Pitts said. “So, whatever your home is valued, if this goes through all the way, it will reduce the value by $10,000. It ends up only being about a $20 savings on average is what I was advised of. But, we did discuss it tonight and it did pass a first reading.”
Another special meeting will have be called for June 29, Mayor Schroeder said, in order to meet the July 1 deadline.
“This will hopefully provide a little relief to homeowners in light of the skyrocketing property values,” he wrote on Facebook. “One other good thing to note is that you won’t have to take any action to add to your existing homestead exemption. It will happen automatically.”
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