Senior Property Exemption Increased by $10,000

Homeowners in Addison are currently eligible for a homestead exemption of 20% of the appraised value of their home, which is the maximum allowed by the State of Texas. Seniors can receive an additional $50,000 exemption to reduce their home's taxable value. Currently, one-third of Addison's homeowners have a senior exemption.

At its January 23 meeting, the City Council asked staff to provide additional information about the senior property exemptions offered by surrounding cities. After receiving that information from CFO Steven Glickman during its February 13 meeting, the Council voted to increase the additional exemption for seniors to $60,000.

You can watch the Council's senior property exemption discussion here and read the presentation here.