McKinney City Council approved to increase the residential homestead exemption during Tuesday’s meeting from $60,000 to $65,000 for residents ages 65 and older and an individual who is disabled.
Last year, City Council increased the homestead exemption from $50,000 to $60,000.
According to a presentation given at council, for every $5,000 increase in the homestead exemption, eligible homeowners will pay $27 less in taxes at current tax rate and non-eligible homeowners will pay $3.46 more in taxes given the current tax rate. The city’s 2017-18 tax rate is $0.541 per $100 valuation.
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