The City Council approved an ordinance Monday that increases the property tax exemption for disabled and senior citizens from $100,000 to $105,000. The new exemption amount equates to a $645.92 reduction in taxes compared to the $615.16 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 over age 65, with a goal to maintain a tax benefit of approximately 30 percent of the average home value. The current average senior home value is $318,354, up 2.58 percent from the prior fiscal year, and the existing $100,000 exemption would not meet the 30 percent goal if values increase as expected in 2022-23.
The increased exemption will be incorporated into the upcoming property valuation notices of qualified residents—appraisal districts are expected to mail the notices in April.
