Posting Language
Title
Approve an ordinance setting the tax exemption for residence homesteads of individuals 65 years of age or older and persons with disabilities at an amount equal to $154,000 plus an increase necessary to provide equivalent property tax relief as what was provided by the exemption in the prior year and permitted by law. Funding: This item has no fiscal impact.
De
Lead Department
Office of Budget and Organizational Excellence.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
May 30, 2024 - Council approved Ordinance No. 20240530-174 that set the tax exemption for residence homesteads of individuals 65 years of age or older and persons with disabilities at a value of $154,000. The Ordinance directed the City Manager to annually bring an ordinance for Council consideration by May 31st to increase the exemption for persons who are disabled or are 65 years of age or older to the extent necessary to provide equivalent property tax relief as what was provided by that exemption in the prior year and permitted by law.
For More Information:
Kerri Lang, Director of the Office of Budget and Organizational Excellence, 512-974-2283.
Additional Backup Information:
In addition to the general residence homestead exemption, the City of Austin offers an exemption to homeowners aged 65 or older and to disabled homeowners. This action sets that additional exemption from the assessed value of their homes from taxation by the City at an amount equal to $154,000 plus an increase necessary to provide equivalent property tax relief as what was provided by the exemption in the prior year and permitted by law. Property owners already receiving a general homestead exemption who turn 65 are not required to apply for this exemption if accurate birthday information is already included in the appraisal district records. As with the general homestead exemption, homeowners do not need to reapply for these exemptions on an annual basis once granted.