Seniors, Disabled Dallas Residents Will Get Nearly $14m in Property Tax Breaks in 2018

Senior and disabled Dallas residents will get a tax break after a unanimous City Council vote Wednesday aimed at keeping people on a fixed income in their homes.The council's vote, taken with a combination of joy and fear over the budget impact, will increase the $64,000 property tax homestead exemption to $90,000 for residents who are disabled or are 65 or older.That means, beginning in the 2018 tax year, the owners of homes worth more than $120,000 a year would save about $203 at the current tax rate of 78.25 cents per $100 of value. The exemption will also be indexed for inflation every two years.To give the break, City Hall will forego $13.8 million in revenue in its upcoming budget at the current tax rate.  Continue reading...

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