HomeMy WebLinkAboutIR 7523 �
INFORMAL REPORT TO CIT'�;OUNCIL MEMBERS No. 7523
Q
���f,PTfR, Q ril 9, 1991
oEPTK&eA To the Mayor and Members of the City Council P
xrFX Subject:
/6715 REVIEW OF DISABLED HOMESTEAD EXEMPTION POLICY
In accordance with optional provisions of the State Property Tax Code, the
City of Fort Worth grants a DISABLED HOMESTEAD EXEMPTION on owner-occupied
property of disabled taxpayers. In this section of the code "disabled" means
a disability for purposes of payment of disability insurance benefits under
Federal Old-Age, Survivors, and Disability Insurance. Under the same
provisions which authorize the Senior Citizen Homestead Exemption, the Code
provides that, if adopted, the Disabled Exemption will be $3,000 unless a
larger amount is specified by the taxing entity's governing body.
The City Council increased the Disabled Homestead Exemption from $10,000 to
$20,000 for the 1990 tax year. Currently, there are 1,537 tax accounts with
the disabled exemption. These properties have an average value of $39,426 and
result in an estimated tax revenue loss of $226,000.
If the Disabled Homestead Exemption is increased to $40,000, the same amount
as the Senior Citizen Homestead Exemption, an additional revenue loss of
$119,000 is projected. The impact of both the current exemption and a
potential increase is as follows:
Tax Bill @ Current
$.8990 Rate
$39,426 appraised value w/no exemptions = $ 354.44
$39,426 appraised value w/Gen. Homestead Ex. _ $ 283.54
$39,426 appraised value w/Sr. Citizen Ex.* _ $ -0-
$39,426 appraised value w/current $20,000
Disabled Ex.* = $ 103.73
$39,426 appraised value w/inc. to $40,000
Disabled Ex.* = $ -0-
Both the Senior Citizen Exemption and the Disabled Exemption are
in addition to the General Homestead Exemption; however, a taxpayer
may not claim the Senior Citizen Exemption and the Disabled
Exemption.
If the City Council should desire to amend the Disabled Homestead Exemption,
the staff will have the necessary ordinance prepared for the April 23rd
agenda.
e�xx 6t.
DavidIvory
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS