City Council OKs property tax Homestead Exemption
On June 6, The Colony City Council unanimously approved an amendment to the city’s Code of Ordinances that allows homeowners to claim an annual 1-percent or a minimum $5,000 homestead exemption on their property taxes, whichever is greater. Mayor Richard Boyer said this vote won’t solve everyone’s tax bill but it’s another step forward in the City Council’s continued commitment to doing whatever it can to address property tax concerns in the community.
“This is the first time in the history of this city … that we’ve brought [a homestead exemption] as an agenda item,” he said, adding his gratitude to the rest of the Council for discussing and approving this measure. “We’re trying to do something in addition to the constant rate reductions we’ve done for the last 20 years.”
By approving the ordinance before July 1, the Denton County Central Appraisal District (DCAD) has time to incorporate this change into their processes for next year’s property tax assessment. If you've previously been eligible and applied for homestead exemptions through DCAD, then you do not need to take any action to receive the city's new exemption.
Visit our website for more information. To view your exemptions, visit DCAD online, then click the dropdown menus for Taxpayer Info/Property Search to look up your residence.