The over 65 tax exemption will go from $25,000 to $30,000, and the disabled person exemption will go from $15,000 to $20,000, according to the agenda.
“I support this item because it might not be significant to our total—over $300 million budget—but it is significant to these individuals that it affects,” Precinct 3 Commissioner Valerie Covey said.
The move means property owners who qualify will pay county taxes on a lesser property value amount. For example, if a home is appraised by the Williamson Central Appraisal District at $200,000 and the owner qualifies for the over 65 exemption, the owner will pay taxes on $170,000.
This change will impact the county’s general fund budget tax revenue by about $197,000, Precinct 2 Commissioner Cynthia Long said. Specifically, the Over 65 exemption will reduce the revenue $192,000, and the disabled persons exemption will reduce revenue by $5,000, she said.
“I think it’s the right thing to do for folks,” Long said.
This will only affect what a property owner pays in county taxes. Other taxing entities—such as school districts and cities—will have different policies and exemption criteria that can affect the amount of taxes owed, county Public Affairs Manager Connie Odom said.
Learn more about tax exemption information here.