Editor’s Note: Previously erroneously listed the date as Feb. 29.
The Richardson City Council approved an ordinance at Feb. 20 meeting that increases the property tax exemption for disabled and senior citizens from $70,000 to $80,000 due to increasing property values. Disabled and senior citizen homeowners will see a tax savings of $500.13, up from $437.61 in fiscal year 2016-17.
Under the City’s Financial Policies, the City Council regularly reviews the property tax exemption for citizens over age 65 and disabled persons with a goal to maintain a tax benefit of approximately 30 percent of the average home value. The current average senior home value is $229,526, an increase of 13.52 percent from the prior fiscal year, and the existing $70,000 exemption would not meet the 30 percent goal if values increase as expected in 2017-18.
The appraisal districts will incorporate the higher amount on notices mailed to qualified residents in May.