File #: 23-0449    Name: Property Taxes for 65+ and the Disabled
Type: Agenda Item Status: Agenda Ready
In control: City Council Work Session
On agenda: 6/6/2023 Final action:
Title: Consider/Discuss Property Tax Options for Residents Including Those Over Age 65 and the Disabled
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Title

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

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

 

MEETING DATE:                     June 6, 2023

 

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.
  •  
  • ITEM SUMMARY:
  • This agenda item discusses the impact of a homestead exemption 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 2023 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 $216,244.