File #: 18-474    Name: Property Tax Exemptions
Type: Agenda Item Status: Agenda Ready
In control: City Council Work Session
On agenda: 6/4/2018 Final action:
Title: Consider/Discuss Property Tax Options for Residents Over Age 65 and the Disabled
Attachments: 1. Presentation
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title

Consider/Discuss Property Tax Options for Residents Over Age 65 and the Disabled

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

 

MEETING DATE:                     June 4, 2018

 

DEPARTMENT:                      Budget

 

CONTACT:                                            Mark Holloway, Chief Financial Officer

 

 

RECOMMENDED CITY COUNCIL ACTION:

  • Approve the ordinance.
  •  
  • ITEM SUMMARY:
  • This agenda item discusses the impact of increasing the tax exemption for residents over age 65.
  • For every $5,000 increase in exemption, eligible homeowners will pay $27 less in taxes at current tax rate.
  • For every $5,000 increase in exemption, non-eligible homeowners will pay $3.46 more in taxes at current tax rate.
  •  
  • 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 2018 taxes.
  •  
  • FINANCIAL SUMMARY:                      
  • Based on the current tax rate and the current number of households claiming the over 65 exemption, the potential reduction in revenue for every $5,000 increase in exemption is approximately $213,000.