The Richardson City Council reviewed the City’s Over 65 and Disabled Persons Homestead Exemption as part of its annual financial policy review. The exemption, currently set at $160,000, reduces the taxable value of qualifying residents’ homes and results in an average annual City tax savings of approximately $867 per household.
The current exemption represents just under 33 percent of the average market value of a senior home, exceeding the City’s financial policy target of approximately 30 percent.
About one-third of Richardson residential accounts receive the exemption, with participation growing by an average of nearly 1 percent per year over the past five years.
