Beset by infighting, the Castle Hills City Council had to adopt a lower, default tax rate and expects to lose more than $100,000 in revenue.
The 0.01 percent exemption will shave $5,000 off the appraised values of homes that are the primary residence of a property owner.
Mayor Ron Nirenberg said he will vote in favor of a homestead exemption Monday but will not support increasing the City’s property tax rate.
City Council will vote on a homestead property tax exemption Monday and the budget is slated for a vote on Sept. 12 that may trigger an increase in property taxes for some.
Most San Antonio City Council members seemed open to providing some form of residential property tax exemption.
The passage of SB2 could impact San Antonio’s bottom line when it comes to funding services and programs on which residents rely from @TexasTribune.
The City’s take of an average individual’s property tax bill accounts for about 22 percent of the overall amount while school districts get 54 percent.
The fast-tracked revision and vote came a day after the House OK’d a property tax reform bill, making it contingent on the passage of school finance reform.
The Texas House approved a property tax reform package on a 107-40 margin after about six hours of debate Tuesday.
The inclusion of school district taxes in property tax legislation continues to be an issue between the House and the Senate.