Council Considers Increasing Senior Property Tax Exemptions

Homeowners in the Town of Addison are currently eligible for a homestead exemption of 20% of the appraised value of their home, which is the maximum allowed by the State of Texas. Seniors can receive an additional $50,000 exemption to reduce their home's taxable value. Currently, one-third of Addison's homeowners have a senior exemption.

At its January 23 meeting, the City Council discussed increasing the dollar amount of the senior property exemption. Chief Financial Officer Steven Glickman shared the exemptions offered by Addison's comparator cities and the impact an increase would have on Addison's tax rate.

The Council plans to revisit this issue in February. To make this change effective for tax year 2024 (fiscal year 2025) and include the change in all notices to taxpayers, an ordinance would need to be adopted by the second meeting of February.

You can watch the Council's property tax exemption discussion here and read the presentation here.