Farmersville taxpayers 65 or older and those who are disabled may see additional tax relief coming their way as soon as next year.
Councilmembers discussed the current exemption of $10,000 at the Tuesday, March 12 regular monthly meeting.
City Manager Ben White provided data regarding how the city’s assessed value has grown since the exemption was established in 2000.
White cited the city as having $83 million dollars in assessed value in 2000, as compared to $474 million now.
In 2000, there were 222 homestead exemptions for those 65 and over and/or disabled. Currently, there are 257 homestead exemptions.
The amount of value exempted in 2000 equaled 2.59% of overall assessed value.
Due to growth in value, that amount exempted now equals only 52% of the total, according to White.
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By Cole McClendon | [email protected]
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