City Council Approves Tax Exemption Increase
At the June 21 Regular City Council Meeting, Council approved (6-0) an ordinance on the second and final reading, amending Chapter 34, Finance and Taxation, of the Missouri City code; amending taxation exemptions; providing for repeal; and providing for severability.
Council approved an exemption of $25,000 for seniors (65 and older), $20,000 for disabled persons and 2.5 percent for residential homesteads.
This is the first time all residential homesteads will receive an exemption.
WHAT IS A HOMESTEAD?
According to Fort Bend Central Appraisal District, a homestead can be a separate structure, condominium or manufactured home located on owned or leased land, as long as the individual living in the home owns it.
A homestead can include up to 20 acres, if the land is owned by the homeowner and occupied for a purpose related to the residential use of the homestead.
WHAT IS A HOMESTEAD EXEMPTION?
Homestead exemptions remove part of a home's value from taxation.
DO I QUALIFY?
Visit www.comptroller.texas.gov for more information on how to quality for the 65 and older or disabled persons exemption.
CAN I RECEIVE MULTIPLE EXEMPTIONS?
In addition to the residential homestead of 2.5 percent, residents can only receive one type of homestead exemption – either the $25,000 for seniors (65 and older) or $20,000 for disabled persons.
For more details, Read More.
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