HomeMy WebLinkAboutItem 10 - Limitation on Tax IncreasesMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: JUNE 21, 2022
SUBJECT: ADOPTION OF AN OPTIONAL LIMITATION ON PROPERTY TAX
INCREASES FOR OVER 65 AND DISABLED PERSONS
RECOMMENDATION: City Council to consider adoption of an ordinance to consider an optional
limitation on tax increases for residence homesteads of persons who are
disabled or at least 65 years of age.
FUNDING SOURCE: Funding Source is not applicable
BACKGROUND: The City wishes to grant tax relief to the residential homestead property
taxes of those persons who are at least 65 years of age or disabled. The
City believes this to be in the best interest of the community as taxable
values of homes continue to rise. An analysis performed indicated this
would have minimal impact to future tax revenues due to current annual
limitations on revenue increases allowed by the State of Texas.
Staff recommends approval.