Multiple Texas cities have implemented homestead exemptions or expanded current ones to give Texans a break on their property taxes. Mansfield’s city council is one here in North Texas that approved a new homestead exemption, WFAA reported.
The city council increased its current exemption by 2%, bringing the total homestead exemption up to 12%. Residents who qualify can take the qualifying percentage out of their property taxes.
Mansfield Mayor Michael Evans told WFAA the increased exemption will help city residents deal with rising property ownership costs.
“Many Mansfield residents are re-examining their budgets and looking for any sort of fiscal help. Increasing the homestead exemption is one way we can offer a bit of relief for our homeowners,” Evans said.
Ian Mattingly, a manager and owner of the Apartment Association of Greater Dallas, told the Dallas Observer that Texas has “some of the highest property taxes per capita of any state in the country.”
Annual data collected from the Texas A&M Real Estate Research Center showed that the Dallas-Fort Worth Metroplex’s home values had increased by 23.55% year-over-year in March.
In response to higher property taxes for landlords, renters in Texas have also faced increasing rent prices, according to the Dallas Observer.
City leaders in Mansfield have also taken other steps to help residents ease their financial burdens, WFAA reported. The city recently reduced the tax rate. Joe Smolinski, Mansfield’s city manager, told WFAA that the city would continue making tax relief efforts.
“Over the past two years, we have been able to decrease the tax rate from $0.71 per $100 of valuation to $0.69” on top of implementing this 12% homestead exemption, Smolinski said. “Strong fiscal policies and a commitment to strategic growth have allowed us to accomplish this,” he added.
Other Texas cities have also increased their property tax exemptions, including Waco, Kyle, and McKinney.
During a June Waco City Council meeting, council members approved increased exemptions for all residential homeowners and those 65 years old or older, according to KWTX. Exemptions for residents 65 or older increased from $5,000 to $50,000.
For all Waco residential homeowners, exemptions increased from 10% to 15%. A $50,000 exemption was also approved for disabled residents, KWTX reported.
On June 25, Kyle City Council approved new resident property tax exemptions. Residential homeowners will have a 20% cap on the appraised value and a $40,000 exemption, according to KXAN. Disabled residents were granted a $10,000 exemption, and residents who are 65 or older will now have a $30,000 exemption.
The assistant city manager of Kyle, Jerry Hendrix, released a statement at the time about the increased exemptions.
“Even though the city’s portion of the tax bill is only about 20%, we want to provide relief for our residents wherever possible. We hope that the city’s balanced approach to reducing property taxes will bring relief to those who need it,” Hendrix said.
McKinney City Council held a work session on June 21, during which it approved increased exemptions for disabled residents and seniors, according to Community Impact. For homeowners 65 or older, exemptions were increased from $65,000 to $80,000.
Texas does not have a state income tax, which means property taxes are a significant part of local funding in the state. Homestead exemptions have to be filed through a county’s appraisal district.
