File #: 17-645    Name: Tax Exemption for Over Age 65 & Disabled
Type: Ordinance Status: Approved
In control: City Council Special Meeting
On agenda: 6/26/2017 Final action: 6/26/2017
Title: Consider/Discuss/Act on an Ordinance Amending Section 98-56 of the Code of Ordinances of the City of McKinney Relating to Tax Exemptions
Attachments: 1. Ordinance

Title

Consider/Discuss/Act on an Ordinance Amending Section 98-56 of the Code of Ordinances of the City of McKinney Relating to Tax Exemptions

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

 

MEETING DATE:                     June 26, 2017

 

DEPARTMENT:                      Budget

 

CONTACT:                                            Mark Holloway, Chief Financial Officer

 

 

RECOMMENDED CITY COUNCIL ACTION:

  • Approve the ordinance.
  •  
  • ITEM SUMMARY:
  • On June 20, 2017, City Council adopted Ordinance 2017-06-072 Amending Section 98-56 of the Code of Ordinances to increase the senior tax exemption from $50,000 to $60,000.
  • The adopted Ordinance inadvertently omitted the paragraph that had previously authorized a $50,000 disabled tax exemption. 
  • The proposed Ordinance will correct this omission and increase the disabled tax exemption to $60,000 to be consistent with the $60,000 senior exemption by amending the Tax Exemption section of the Code of Ordinances.
  •  
  • BACKGROUND INFORMATION:
  • The county appraisal district must receive notice of adoption from the City before July 1 in order for the increase to be effective October 1 for 2017 taxes.
  •  
  • FINANCIAL SUMMARY:                      
  • Based on the current tax rate and the current number of households claiming the disabled exemption, changing the exemption to $60,000 would increase exemptions in this category from $149,000 to $182,000.