Seniors in Richardson will see the city's updated over-65 property tax exemption reflected on their upcoming appraisal notices. Due to rising property values, council directed staff via a resolution approved Feb. 25 to increase the exemption from $85,000 to $100,000 per year. The move allows Richardson to stay within its policy of providing a tax cut that equals 30 percent of the average senior's home value. Staff predicts the average home value for seniors to come in at $314,262 in 2019—a 10 percent year-over-year increase. The $100,000 exemption—which also applies to disabled citizens—would save each eligible homeowner an average of $625 per year and cost the city $5.1 million annually, a Feb. 18 report by Director of Finance Keith Dagen showed. According to City Manager Dan Johnson, the increase should keep Richardson within the 30 percent policy for the next two years.