Title
Ordinance Amending the Code of Ordinances, Chapter 24-1.1 "Taxation," to increase the Homestead Exemption percentage and change the minimum amount to the greater of 10% or $5,000
From
Brady Olsen, Treasury and Debt Manager
Presenter
Becky Brooks, CFO
Recommended Action
Approve
Analysis
This ordinance is to increase the percentage from 7.5% to 10%, providing property tax relief for all citizens with a homestead exemption.
Financial Consideration
It is estimated that property tax revenues will be reduced by an estimated $1.2 million if the Homestead Exemption is increased to the greater of 10% or $5,000.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING CHAPTER 24 "TAXATION", SECTION 24-1.1 "HOMESTEAD EXEMPTION" OF THE CODE OF ORDINANCES TO INCREASE THE HOMESTEAD EXEMPTION TO THE GREATER OF TEN (10) PERCENT OF THE APPRAISED VALUE OR FIVE THOUSAND DOLLARS ($5,000) OF ALL OWNER OCCUPIED RESIDENCES; CONTAINING A SAVINGS CLAUSE; REPEALING ALL ORDINANCES IN CONFLICT THEREWITH
WHEREAS, Ordinance 7694 was adopted on November 6, 2007 granting a Homestead Exemption for all persons owning the primary residence they are residing in.
WHEREAS, the amount of the Homestead Exemption adopted in 2007 was the greater of 1% of the appraised value or $5,000.00.
WHEREAS, the Homestead Exemption was amended on February 7, 2017 and again on May 16, 2017 increasing the Homestead Exemption to the greater of 1% of the appraised value or $10,000.
WHEREAS, the Homestead Exemption was amended on June 18, 2019 increasing the Homestead Exemption to the greater of 7.5% of the appraised value or $5,000.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. That Chapter 24, Section 24-1.1 of the Code of Ordinances is hereby amended to read as follows:
"Section 24-1.1 Homestead Exemption - Granted for all persons owning the primary residence that are residing in under the following conditions.
That pursua...
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