A recent article again proves it’s a great time to buy a home in Frisco. As shown in the article by Community Impact, “Frisco City Council approves homestead exemption increase, property tax freeze for elderly and disabled residents.” Who doesn’t love a hearty tax break?
Exemption Increase
The Frisco City Council approved “an exemption increase in ad valorem property taxes for residences within the city at its June 21 meeting. The change raises the Homestead exemption from 10% to 12.5%.” They also approved freezing property taxes on the elderly and disabled. “Both changes will be effective for the Jan. 1, 2022 valuations and affect taxes for the 2023 fiscal year, according to city documents. The freeze for homeowners who are elderly and disabled will be in effect until an amendment to the Texas Constitution changes it, per city documents.”
Whole-Life Care in Frisco
According to Deputy Mayor Pro Tem Angelia Pelham, “We want people to come to Frisco to live and to work and to play, but we want you to come to Frisco to retire.” Certainly, a welcome change as more children of elderly parents contributes financially to parents who would otherwise be priced out of their homes.
Only the Beginning
The article concludes, “Frisco first adopted a homestead exemption, which lowers the property value used to calculate property taxes owed, in June 2017, according to city documents. It started at 7.5% and increased to 10% in 2018. City staff evaluates the percentage each year in an effort to maintain both the homestead and elderly and disabled exemption at approximately 33% of the median assessed home value, city documents state.” Adds Mayor Jeff Cheney, “The homestead exemption is a personal passion of mine. It is our goal to get this to 20%, and we’re going to keep pushing every single year [and] stressing the budget every single year to see how fast we can get it.”
Now is the perfect time to call Globus Realty, AKA Mister Frisco, to find your forever home. Don’t miss your chance to live in Frisco!
