Title
Discuss and consider action approving a resolution of the City of Pflugerville increasing the real property valuation exemption for senior citizens.
Summary
The current property tax exemption for over 65 senior citizens is $35,000. The proposed Resolution increases the total exemption to $50,000.
Financial Impact
City projected 5-year revenue reduction:
FY24: $119K
FY25: $153K
FY26: $187K
FY27: $212K
Increasing the exemption from $35K to $50K would reduce the city taxes paid on a $300K home by an additional $73 per year.
Prior City Council Action
July 28, 1998 City Council increased the over 65 senior citizens exemption form $25,000 to $35,000.
Deadline for City Council Action
Deadline to take action for the 2023 tax year is July 1, 2022.
Funding Expected: Revenue _X_ Expenditure __ N/A __
Budgeted Item: Yes __ No _X_ N/A __
Amount: see table above
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required _X_ Date Completed: 06/21/2022
Supporting documents attached:
Over 65 Tax Exemption Resolution
Recommended Action
Approve a resolution of the City of Pflugerville increasing the real property valuation exemption for senior citizens.