File #: 22-0492    Name: Property Tax Options
Type: Agenda Item Status: Agenda Ready
In control: City Council Work Session
On agenda: 6/7/2022 Final action:
Title: Consider/Discuss Property Tax Options for Residents Over Age 65 and the Disabled
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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 7, 2022

 

DEPARTMENT:                      Budget

 

CONTACT:                                            Mark Holloway, Chief Financial Officer

 

 

RECOMMENDED CITY COUNCIL ACTION:

  • Consider/Discuss Property Tax Options for Residents Over Age 65 and the Disabled.
  •  
  • ITEM SUMMARY:
  • This agenda item discusses the impact of increasing the tax exemption for residents over age 65 and the Disabled.
  • For every $5,000 increase in exemption, eligible homeowners will pay $25 less in taxes at current tax rate.
  •  
  • BACKGROUND INFORMATION:
  • The county appraisal district must receive notice of adoption from the City before July 1 for the increase to be effective October 1 for 2022 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 $231,169.