Budget planning season for FY 2025-26 has kicked off, as City staff briefed the City Council at its Monday meeting on a proposed increase in the property tax exemption for residents who are age 65 and over or disabled. The recommendation is to raise the City’s current exemption from $145,000 to $160,000, in keeping with the City’s ongoing goal of maintaining a tax benefit of 30 percent of the average senior’s home value.
The $160,000 exemption is estimated to be 31.75 percent of the average market value of a senior or disabled individual’s home, a savings of about $867. Staff is projecting a 5 percent increase in home value growth for FY 2025-26 and a 1 percent increase in the number of homes eligible for the exemption.
A vote on the increased exemption is scheduled to take place at the Feb. 24 City Council meeting.
Monday’s presentation: Click here
