Frisco City Council approved an increase to the homestead exemption from 7.5 percent to 10 percent for fiscal year 2019, a 2.5 percent increase.
According to the preliminary projections for fiscal year 2019, the average home value is increasing by approximately 6 percent.
The exemption will not go into effect until next year, but the recommendation needed to be approved by June 30 to affect taxes paid in 2019.
“We hear from our residents that taxes are rising, and it’s becoming a burden on them," Frisco Mayor Jeff Cheney said. "So this is just a way for us to lower the tax burden on our residents, and provide immediate tax relief."
According to the city, the 10 percent exemption will affect the city’s revenue stream for fiscal year 2019 by approximately $6.8 million, an increase over last year’s projected amount of $3.7 million.
The council approved the city’s first-ever homestead exemption last June.