CORONAVIRUS (COVID-19) RESOURCE CENTER Read More
Add To Favorites

Williamson leaders give residents 1st homestead exemption; boosts breaks for seniors, disabled

Austin American-Statesman - 5/25/2021

Williamson County commissioners on Tuesday increased county homestead exemptions for seniors and people with disabilities and approved a first-ever county homestead exemption for all residents.

The Commissioners Court voted unanimously to increase the county homestead exemption for residents aged 65 and older from $30,000 to $90,000. They also voted to increase the county homestead exemption for residents with disabilities from $20,000 to $55,000.

The commissioners also approved for the first time a county homestead exemption for residents of either 1.5% or $5,000, depending on which amount is greater.

The exemptions will cost the county an estimated $5.6 million this year.

READ MORE: Williamson County's taxable property value sees largest increase in decades, official says

Under the new exemption, residents aged 65 and older who own a $323,000 home (the median value of a home in the county) will save $397.78 per year on their tax bill, said Larry Gaddes, the county's tax appraiser.

Residents with disabilities will save $334.97 per year on their tax bill on a median-valued house of $323,000 under the new exemption, he said.

The first-ever county homestead exemption for residents with a median-valued home worth $323,000 will save $20.94 per year, Gaddes said.

All of the savings are calculated on the county's current tax rate of 41.8 cents per $100 valuation.

More: Central Texas housing market sets records with home sales and prices

"I think this is the tax relief our citizens deserved," said County Judge Bill Gravell. "Residents ages 65 and up need to know that Wilco is a place they can retire and stay," he said.

Travis County offers $85,500 in homestead exemptions to people aged 65 and older as well as to residents with disabilities. The county also offers a homestead exemption for residents of either 1.5% or $5,000, depending on which amount is greater.

Williamson County Commissioner Russ Boles said on Tuesday that one of the main concerns he hears from residents is about how much their home values have increased.

"It's staggering," he said.

READ MORE: As appraisals roll out, Travis County homeowners can expect surging values and higher tax bills

The average market value for Williamson County homes rose 18%, from $299,424 in 2020 to $354,092 in 2021, according to Alvin Lankford, the chief appraiser for the Williamson County Central Appraisal District.

The average Williamson County taxable home value increased 12.9% from $287,080 in 2020 to $324,112 in 2021.

Williamson County's preliminary taxable property value has also increased by 19% in the past year, which is the county's largest increase in more than 20 years.

The county, like neighboring Travis County to the south, is not immune to the soaring increase in home values in Central Texas.

The median market value for all Travis County homes — the amount for which a home potentially could sell — rose by 16.6% over last year, jumping from $354,622 to $413,403, according to preliminary figures from the Travis Central Appraisal District.

This article originally appeared on Austin American-Statesman: Williamson leaders give residents 1st homestead exemption; boosts breaks for seniors, disabled

___

(c)2021 Austin American-Statesman, Texas

Visit Austin American-Statesman, Texas at www.statesman.com

Distributed by Tribune Content Agency, LLC.

Nationwide News