HomeMy WebLinkAboutResolution No. 89-15 R�SOLUTION NO. R89-1�
A RESOLUTIQN ESTABLISHING A TAX EXEMP�'ION dN RESYDENT
HOMESTEADS OF YNDIVIDUALS 65 OR OLDER; AND PROVIDING OTH�R
MATTERS KELATING TO THE SUBJECT.
� * * * * *
BE IT R�SOLVED �Y THE CX'Y'Y COUNCIL OF THE CITY OF FR��NDSWC70D,
$'�'ATE OF �'EXAS:
��ct�an 3,. �n accardance with subsections �d) , and (e) of
Secti.an 11. 13 of th� `�exas Property Tax Code, as amended, tihe
City Council oF the Ci�y of Friendswood, Texas, does hereby
ex�mg� from �axatiian $25, 000 vf �he apprafsed value of r�sicl�rt�
homes�eads of �ridividuals G5 or old�r.
S�c� on �. �pplicati,on. In order tb have such exemption
applied to a resic�ent homesfi.ead, an individua3. �laiming such
exemp�ion must timely fil� with the Chief Appraxser of the
applicable county appraisal c�istrict an applicatian in accordance
wi�h ��ction 17.. 43 of the Taxas Proper�y Tax C�de.
Sec#.iQt�.3 . The G5 or ald�r xesicien� hom�stead exemption
provided �or herein shal� apply for �he tax year 1989 and all
subsequent tax years unless modified by further action of the
City Council. or by operatian of law.
PASS�A, APPROVED, AND RESO�,VED THXS THE 7,7�h day of April
1.989 .
Paul Schrader, Mayar
A'Y"I'�ST:
C�e: �9irA
• �
City Secretary
- � --- April 17 , 1989
City Of Friendswood
Property Tax Exemptions for Over-b5
(NOTE: IN ALL CASES AN APPRAISED VALUE ON A HOMESTEAD IS ASSi3MED TO BE $50 , 000
From The Homeowner ` s Perspective : From City ' s Perspective :
Case I-Current $50 ,000 Case I-Current $50 , 000
Less : 20% Homestead
Exemption; maxi-
mum allowed by
state law, regard-
less of age ( 10 , 000) ( 10 , 000)
Less : City ' s exemption ( 10 ,000) ( 10 ,000)
currently for over 65 )
Net Taxable Value $30 , 000 $30 , 000 -�
1988 Tax Bi11 $O . b95/ $100 $ 208 . 50 251 Houses , deducting
---------- $20 ,�p0 in value at $0 . 69�/$ 100
removes $ 17 , 444 . 50 from tax levy
Case II- $50 , 000 $50 , 000
Less Homestead Exemp . ( 10 ,000) ( 10 , 000 )
Less Proposed $20 , 000
Exemption for over 65 ( 20 , 000 ) ( 20 , 000 )
Net Taxable Value $20 , 000 $20 , 000
1988 Tax Bill would have
been at $0 . 695/ $ 100 $ 139 . 00 366 Houses , deducting
------- $30 ,004 in value at $0 . 695/$ 100
removes $50 , 874 from tax levy
- , �
Less : Homestead Exemp . ( 10 , 000) ( 10 , 000 )
Less Proposed $25 , 000
Exemption for over 65 ( 25 ,000 ) ( 25 , 000 )
Net Taxable Value $15 , 000 $ 15 ,000
198$ Tax Bill would have
been at $0 . 695/$ 100 $104 . 25 400 Houses , deducting
------ $35 ;000 in value at $0 . 695/$ 100
removes $69 , 500 from tax levy