Title
Ordinance Amending the Code of Ordinances, Chapter 24 "Taxation," to increase the Homestead Exemption to from $7,500 to $10,000.
From
Cheryl Davenport, Treasurer
Title
An ordinance amending Chapter 24-1.1 Homestead Exemption to increase the Homestead Exemption amount from $7,500 to $10,000.
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 to set the homestead exemption amount to the greater of 1% or $5,000. On February 7, 2017, the Homestead Exemption was amended again to increase the amount of the homestead exemption to the greater of 1% or $7,500. This ordinance will increase the Homestead Exemption amount to the greater of 1% or $10,000. On May 2, 2017, The Finance and Government Committee recommended forwarding this item to City Council for consideration.
Financial Consideration
It is estimated that property tax revenues will be reduced by $520,454 if the Homestead Exemption is increased to the greater of 1% or $10,000.
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 ONE (1) PERCENT OF THE APPRAISED VALUE OR TEN THOUSAND DOLLARS ($10,000) 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 by Ordinance 10232-2017 increasing the Homestead Exemption to the greater of 1% of the appraised value of $7,500.00.
NOW, THEREFORE, BE IT...
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