Skyrocketing Property Appraisals Prompt Frisco to Offer First-ever Homestead Exemption to Residents

FRISCO -- Property tax relief is coming to Frisco homeowners.The city council on Tuesday unanimously passed a 7.5 percent homestead exemption that goes into effect for fiscal year 2018 to help homeowners grappling with skyrocketing property appraisals. The exemption provides about $143 in savings for property owners, based on the city's tax rate of $0.45 per $100 in valuation and the city's average home value of $391,923. The exemption applies only to homeowners living in their primary residence as of Jan. 1. Commercial and rental properties do not qualify."We have been a victim of our own success," Mayor Jeff Cheney said of the rising property values each year. "People are being priced out of their homes..."Our city has a history of being fiscally conservative, and this is the most effective way to give Frisco homeowners immediate tax relief," he said.  Continue reading...