Title
Ordinance Amending the Code of Ordinances, Chapter 24 "Taxation," to increase the Homestead Exemption
From
Cheryl Davenport, Treasurer
Title
An ordinance amending Chapter 24-1.1 Homestead Exemption
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
Ordinance 7467 (Homestead Exemption) was passed on September 16, 2006 and amended by Ordinance 7694 on November 6, 2007. The amount of the Homestead Exemption since 2007 has been the greater of 1% or $5,000. This amendment will increase the Homestead Exemption to the greater of 1% or $7,500. The Finance and Government Committee will review this item on February 7, 2017.
Financial Consideration
It is estimated that property tax revenues will be reduced by $528,814 if the Homestead Exemption is increased to the greater of 1% or $7,500.
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 ONE (1) PERCENT OF THE APPRAISED VALUE OR SEVEN THOUSAND, FIVE HUNDRED DOLLARS ($7,500) 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.
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 pursuant to Section 11.3 of the Texas Tax Code, the greater of 1% of the appraised value or $7,500 of the resid...
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