The city of Montgomery approved a 20% homestead tax exemption at a City Council meeting Feb. 14 for disabled individuals and residents age 65 or older.
Assistant City Manager Dave McCorquodale said each year the City Council is required to approve or change the city’s tax exemption rates.
City council members passed along the current 20% rate, which did not change, for 2023.
The tax exemption amount for individuals 65 years or older was approved at $50,000. For disabled individuals the exemption is $75,000.
According to the Texas Comptroller, to qualify for the age 65 or older residence homestead exemption, the individual must be at least 65 years old, have an ownership interest in the property and live in the home as his or her principal residence. McCorquodale said if an individual falls in both exemption categories the owner must choose one or the other. Homeowners cannot receive both exemptions.