SAN ANTONIO (KTSA News) — The San Antonio City Council voted Thursday to increase homestead exemptions for property owners in the city.
The homestead exemption was increased from 0.01 percent or $5,000 to 10 percent.
The senior and disable persons homestead exemptions were both increased to $85,000. The senior homestead exemption was previously $65,000. The disable person’s exemption was previously $12,500.
“With increasing property values, tax relief is now more important than ever to ensure our most vulnerable do not live with the fear of being priced out of their homes,” District 10 city councilman Clayton Perry said in a statement. “I am extremely grateful and overjoyed with today’s unanimous support and know that we still have room to grow and expand the homestead exemption in the future.”
“Property tax relief is long overdue, and I am proud City Council unanimously agreed to provide much needed relief for San Antonio residents. This will aid homeowners to save on their most important investment – their home,” District 5 city councilwoman Teri Castillo stated. “The pandemic has impacted our residents and their ability to stay housed, so it is great to see this City Council meet this moment with action.”
The new homestead exemption is effective with the current tax year and will be reflected on this year’s property tax bills.
The city plans additional tax relief in conjunction with the Fiscal 2023 budget.
“In addition, we will be reducing the annual property tax rate as part of our Fiscal Year 2023 Budget, which will bring more relief to multi-family residences, property owners and businesses,” San Antonio city manager Erik Walsh said. “Lastly, the City will pursue local, targeted tax relief for residents, such as those who have lived in their homes for several generations, as part of our 2023 Legislative Session Agenda.”