The City Council heard a recommendation from Finance staff Monday to keep the current property tax exemption of $100,000 for residents who are disabled or age 65 and older for fiscal year 2021-22. The rate amounts to a $31.26 property tax reduction per $5,000 of home value, around $625 in savings for a home valued at $100,000.
Under the City’s Financial Policies, the City Council regularly reviews the property tax exemption with a goal to maintain a tax benefit of approximately 30 percent of the average senior home value. Based on last year’s certified values, the average senior in Richardson receives about a 32 percent tax benefit. City staff noted that keeping the current exemption gives the City flexibility and is fiscally prudent considering the uncertain effect of the pandemic on property values. Because no change to the exemption was recommended, a council vote was not needed.
Video: https://richardsontx.swagit.com/e/02082021-787/8/
