Montgomery County Approves 2024-25 Budget, Cuts Taxes

Montgomery County Commissioners Greenlight $530 Million Budget, Propose Lower Property Tax Rate for 2024-2025

Montgomery County Commissioners Court officially approved its proposed $530 million budget for the 2024-2025 fiscal years on Tuesday, August 22, 2023. The substantial financial plan aims to sustain county operations and invest in critical infrastructure improvements, alongside a proposed reduction in the property tax rate for residents.

A significant portion of the newly approved budget is designated for crucial public services and infrastructure projects. Key areas of focus include enhancements to the county’s road network, upgrades to local parks, and targeted initiatives to address persistent drainage issues. Public safety is also a major beneficiary, with substantial allocations slated for the Montgomery County Sheriff’s Office and the District Attorney’s office, alongside bolstered funding for the county’s judicial system.

In welcome news for homeowners, the proposed property tax rate is set to decrease. The Commissioners Court expects the rate to drop from the current $0.4075 per $100 valuation to $0.3700 per $100 valuation, representing a notable reduction. This decrease is largely attributed to the rapid population growth and subsequent increase in property values across Montgomery County. Despite the lower rate, the county projects sufficient revenue collection to fund the outlined services and improvements. Furthermore, homeowners continue to benefit from a 10% homestead exemption, which helps reduce their overall taxable property value.

While the budget has received initial approval, the public still has an opportunity to provide input. Residents are encouraged to attend a public hearing scheduled for Tuesday, September 12, 2023, to voice their opinions and ask questions regarding the proposed budget and tax rate. The final adoption vote for both the budget and the associated tax rate is tentatively set for Tuesday, September 19, 2023. Details regarding the public hearing location and time can typically be found on the Montgomery County’s official website.