City Council approved a resolution raising the homestead exemption from $145,000 to $160,000 during the Feb. 24 meeting.
What happened
Assistant Director of Finance Todd Gastrof initially presented the plan during a Feb. 3 meeting, stating the goal is to maintain a tax benefit of about 30% of the home value. Additionally, Gastrof said the exemption is estimated to be 31.75% of the home’s market value.
About 9,000 Richardson homes could qualify for the exemption, an increase of roughly 200 homes from last year. The exemption is estimated to save seniors and residents with disabilities about $867 when property taxes are due.
Explained
The exemption is applied to the overall market value of a home and the remaining number is the property’s taxable value. The increase will be reflected on a homeowner’s property tax bill, typically issued in October.
The exemption applies only to city property taxes and does not affect other taxing entities such as Richardson ISD and Collin or Dallas counties. Residents wanting to take advantage of the exemption should contact the Collin County Appraisal District or the Dallas County Appraisal District, depending on their county of residence.
