City Manager Austin Bleess said this move will cost the city about $294,000 in property tax revenue based on estimations from the Harris County Appraisal District.
Mayor Bobby Warren said sales tax revenue could help make up for this loss.
“One of the things that has been a big help for us over the last several years is the fact that, thanks to a lot of our economic development efforts, our sales tax revenues have increased substantially,” he said.
Council Member Jennifer McCrea ultimately voted for the homestead exemption increase but said with the capital improvements planned for the city, the council should be fiscally mindful, noting the $294,000 loss equates to multiple city staff salaries.
The average home value in Jersey Village has risen nearly 10% from $302,781 in 2021 to $332,739 in 2022, according to city documents.
The homestead exemption for residents age 65 and older will remain at $100,000. Bleess said, assuming the city maintains a tax rate of $0.7425 per $100 valuation in the coming fiscal year, a Jersey Village resident age 65 or older will pay on average of $1,234 in taxes to the city—a $43 year-over-year increase.
See council members' full discussion here.
Community members can attend a public hearing on the proposed fiscal year 2022-23 city budget July 18 at 6 p.m. at 16327 Lakeview Drive, Jersey Village.
