Tax Freeze gets an approval

Tax Freeze gets an approval

The Frisco City Council has reached a verdict to give a breather to homeowners as they freeze property taxes for the elderly as well as disable residents and provide homestead exemptions according to a Community Impact article from June 22 which reports, 

 

“Frisco homeowners can expect tax breaks next year in the form of a homestead exemption and rate freezes for elderly and disabled residents.

 

Frisco City Council approved an exemption increase in ad valorem property taxes for residences within the city at its June 21 meeting. The change raises the Homestead exemption from 10% to 12.5%.

 

In addition, the council approved a freeze on property taxes for residents who are elderly and disabled.

 

The freeze for homeowners who are elderly and disabled will be in effect until an amendment to the Texas Constitution changes it, per city documents.”

 

Meanwhile, Frisco city officials are eager to provide relief to the residents but at the same time are confident that their move will enable residents to commit to Frisco according to a Frisco Enterprise article from June 22. They say, 

 

“Our City Council has a goal to provide as much property tax relief as possible,” said Anita Cothran, Chief Financial Officer. Our council Budget & Audit committee, along with staff, has studied our timing options given our city’s financial health. We’re confident we can provide these benefits now and continue to deliver exemplary service without compromising maintenance and operations or impacting reserves.”

 

“This action provides homeowners relief on their overall property tax bill,” said Bill Woodard, City Council, Budget & Audit committee chairman. “We’re increasing the homestead exemption and shifting that tax burden to our growing, commercial property tax base, which is a strategy council has talked about for years.”

 

“We’ve heard our residents’ concerns over rising home values and their need for some property tax relief,” said Mayor Jeff Cheney. “Like our city, our senior population is growing. We believe now is the right time to provide that relief to seniors, especially those on fixed incomes. Our seniors will get some relief in the form of a ‘freeze’ while all our homeowners (with homestead status) will benefit from the increased homestead exemption.”

 

Both the approved changes will retroactively effect from January 1, 200 and will cover the taxes for 2023’s fiscal year. 

 

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