The Irving City Council has unanimously approved an increase to the property tax exemption to $45,000 of taxable value for residents who are at least 65 years old or disabled.
The increase to the tax exemption was passed June 7 to help ease the financial pressure placed on seniors and disabled residents who live on a fixed income.
Residents who qualify for the homestead exemption also may be eligible for the over 65 or disabled persons exemption. Under the new ordinance, residents who meet the age or disability qualifier would receive a $10,000 increase in that exemption — raising it from $35,000 to $45,000 of property value.
The average Irving single-family residence is valued at $164,939, and the current tax rate is set at $0.5941 per $100 of valuation for Fiscal Year 2017-18. Based on the current budget, with both exemptions, a resident 65 or older and/or disabled could see a reduction of more than $460 on a property tax bill.
The new ordinance will be included as part of the FY 2018-19 budget, and the increased exemption will be applied on property taxes due Jan. 1, 2019. Residents interested in receiving the homestead tax exemption must apply through the Dallas Central Appraisal District.
For more information on the ordinance, view the June 7 Irving City Council meeting.