File #: 24-1652    Name: Property Tax Exemption Options
Type: Agenda Item Status: Agenda Ready
In control: City Council Work Session
On agenda: 6/18/2024 Final action:
Title: Consider/Discuss Property Tax Exemption Options
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title

Consider/Discuss Property Tax Exemption Options

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

 

MEETING DATE:                     June 18, 2024

 

DEPARTMENT:                      Budget

 

CONTACT:                                            Mark Holloway, Chief Financial Officer

 

 

RECOMMENDED CITY COUNCIL ACTION:

  • Consider/Discuss Property Tax Options for Residents Including Those Over Age 65 and the Disabled.
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  • ITEM SUMMARY:
  • This agenda item discusses the impact of a homestead exemption, an exemption for licensed Child Care Facilities, and increasing the tax exemption for residents over age 65 and the Disabled.
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  • BACKGROUND INFORMATION:
  • The county appraisal district must receive notice of adoption from the City before July 1 for an exemption or increase to an exemption to be effective October 1 for 2024 taxes.
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  • 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 $229,487.