The exemption will help lower property tax bills, but it comes amid skyrocketing home prices.
“In a year when we as a county are expected to receive record increases in tax appraisals, it makes sense to help the homeowner,” Barnard said in a news release. “I want to remind everyone to apply for your homestead exemption, if you have not already.”Even with the exemption, the county is expected to see its property tax revenue go up by $8.5 million because of rising property values, according to the proposal submitted by Barnard.
“We certainly don’t want them to have to give up their home just because of the taxes. This is why getting the foot in the door for the very first time for Bexar County is critical. And then in the future, we can hopefully work with them,” said Barnard. She said this new homestead exemption will be an additional deduction for homeowners. “If residents already have a homestead exemption for either the city they live in or a school district, then they will automatically get the homestead exemption,” said Barnard.
According to the Texas Association of Appraisal Districts, property values have gone up between 10-50% over the past year. Prices in the San Antonio-New Braunfels Metropolitan Statistical Area is up 18%, according to a Texas A&M Real Estate Research Center report.
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