Georgetown City Council Approves Increased Homestead Exemption

Georgetown City Council unanimously approved June 29 to increase the city's homestead exemption.

The homestead exemption will increase from $5,000 or 1% of market value, whichever is greater, to $10,000 or 2%.

The change in the homestead exemption is expected to result in a $389,000 decrease in property tax revenue for the city, Georgetown Finance Director Leigh Wallace said.

“With the change, homeowners should see a $20 lower tax bill annually,” she added. The new homestead exemption will be effective for the 2021 tax year.

Link to original article: https://communityimpact.com/austin/georgetown/government/2021/06/29/georgetown-city-council-approves-increased-homestead-exemption/