The City Council approved an ordinance Monday that increases the property tax exemption for disabled and senior citizens from $130,000 to $145,000 beginning in FY 2025. The new exemption amount equates to a $813 average reduction in taxes compared to the $729 average reduction for the current exemption.
Under the City’s Financial Policies, the City Council regularly reviews the property tax exemption for citizens who are disabled or age 65 and older, with a goal to maintain a tax benefit of approximately 30 percent of the average home value. The current average senior home value is $436,966, and the existing $130,000 exemption would not meet the 30 percent goal if values increase as expected in 2024-25.
