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The original item was published from 1/9/2020 9:14:21 AM to 5/29/2020 11:01:41 AM.

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Posted on: January 9, 2020

[ARCHIVED] Senior homestead exemption savings equals 4-cents on property tax rate

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FBTX ~ The Farmers Branch City Council voted unanimously Tuesday night to lower the property tax bills of the over-65 population in Farmers Branch by an equivalent of 4-cents on the property tax rate.

   The Council raised the Resident Homestead Tax Exemption for residents over 65 from $65,000 to $80,000, beginning in tax year 2020. At the current property tax rate of 59.95-cents for every $100 of value, the $80,000 exemption provides more than $1 million in collective savings for senior citizens.

   The average property tax bill for a resident over the age of 65 will decrease by $89.93, equal to nearly 4-cents on the property tax rate. Farmers Branch becomes one of only four cities in Dallas County with a senior exemption of $80,000 or more.

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