Home News San Antonio homeowners get a property tax break as council raises exemption rate

San Antonio homeowners get a property tax break as council raises exemption rate

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San Antonio – – This is a developing story and will be updated online and on the air.

Homeowners in San Antonio should see the urban portion of their property tax invoices remain the same or even lower this year after Congress has increased the value of their residential exemptions.

In a unanimous vote of 10 members attending Thursday morning, the San Antonio City Council approved raising the exemption from homes from a minimum of 0.01 percent ($ 5,000) to a maximum of 10 percent of the value of a home.

They also raised the tax exemption for disabled homeowners from $ 12,500 to $ 85,000 and the tax exemption for the elderly from $ 65,000 to $ 85,000.

Tax exemption reduces the tax on a person’s major home, which in turn reduces the tax on the homeowner.

The city also plans to reduce tax rates later this year, which will affect all assets in the city.

City officials said property tax mitigation efforts should offset the impact of this year’s soaring home prices, as taxable prices for registered residential exemptions rise by only 10% each year.

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While tax cuts were made in the midst of sharp inflation and rising housing costs, it was also a step that the city was forced by law.

State law caps the amount that a city may receive additional property tax revenue compared to the previous year.Property tax income that the city receives for maintenance Can only grow 3.5%Excluding new construction.

If a city adopts a tax rate that exceeds that limit, under state law, an automatic election for that tax rate will be triggered.

City officials currently estimate that this year’s tax will increase by 14.1%, and tax returns have not yet been finalized. The city needed to find a way to reduce the taxable property tax revenues.

Exemptions from various increased homes are expected to remove some of the city’s property tax revenues that exceed the state’s caps, with an estimated 1.3% reduction in tax rates processing the rest.

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Examples of the impact of higher tax exemptions and lower tax rates on homeowner tax bills. (City of San Antonio)
Examples of the impact of higher tax exemptions and lower tax rates on homeowner tax bills. (City of San Antonio)

The Bexar County Commissioner offered homeowners a unique tax cut on June 7, with a county residential area exemption of up to 20 within three months of listing a minimum of $ 5,000 exemption on the book. Raised to%.

District 7 councilor Anna Sandoval, who recently gave birth to her daughter, did not attend the meeting.

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