City Council on June 16 voted unanimously to approve an increase to the city’s homestead exemption for the fifth consecutive year. The 2% increase approved by council brings the total homestead exemption for the city of Keller to 14%.
“That’s one of the multiple options we have of providing tax relief for our citizens,” said Aaron Rector, city of Keller director of finance. “From fiscal year 2015-16 to the current year, we’ve actually reduced the tax rate by 10% ... down to $0.3999.”
Along with a 14% homestead exemption, Keller residents have additional local options to mitigate property taxes, such as a $40,000 exemption for residents age 65 and over and a $10,000 disability exemption, Rector said.
“We are about 17% of the [property] tax bill,” Rector said. “We are doing what we can on our portion.”
Rector noted that the property tax levy residents face from the city is a combination of the city rate and their home’s market value. Other entities, such as Keller ISD and the Tarrant County Hospital District, contribute to the total property tax levied on each homeowner.
“We’ve actually reduced the average bill by what equates to about three months of savings through all that tax mitigation,” Rector said.
City officials noted that, based on the average market value of homes in Keller as set by the Tarrant Appraisal District, Keller homeowners will save an additional $231 per year after the 2% increase to the homestead exemption.