Assistant Director of Finance Todd Gastrof briefed council during the Feb. 3 meeting on a plan to raise the exemption from $145,000 to $160,000. The goal is to maintain a tax benefit of approximately 30% of the average home value, Gastrof said.
The overview
The exemption would be applied to a home’s overall market value and the remaining figure would be the property’s taxable value, Gastrof said. Additionally, staff is projecting a 5% increase in home value growth and a 1% increase in the number of homes eligible for the exemption.
Gastrof said the $160,000 exemption is estimated to be 31.75% of the market value of a senior or disabled individual’s home, meaning a savings of about $867 when property taxes are due.
There are about 9,000 homes in Richardson that could receive the exemption, Gastrof said, an increase of about 200 homes from last year.
Individuals who wish to take advantage of the exemption should contact the Dallas County Appraisal District or the Collin County Appraisal District, depending on their county of residence.
What’s next
Gastrof said council has until July to increase the exemption; however, council is expected to vote on the exemption during the Feb. 24 meeting.
