CORPUS CHRISTI, Texas — It has been two weeks since Corpus Christi City Manager Peter Zanoni presented the fiscal year 2024 proposed $1.5 billion budget to the city council.
Included in the budget is an item that builds on what the state government is already doing regarding property tax relief.
Thanks to the 88th Texas legislative session, the new increase in homeowner exemptions will likely save hundreds of dollars a year in school district property taxes, but Zanoni said they want to do more, and now, the timing is right.
“We believe in targeted property tax relief to tax payers and it’s been many years since the city has adjusted its general homestead exemption and our over 65 or disabled exemption," he said.
Regarding your city property taxes, the proposed changes will not be seen until the 2025 budget. The plan is to raise the general homestead exemption from the current 10 percent.
"Moving the General Homestead exemption from 10 percent to 15 percent will save the average homeowner about $82 a year," he said. "Then, if you are a senior or disabled and have both exemptions, the General Homestead exemption and the Over 65/Disabled exemption, it would be $160 a year.”
Further savings will come with the 2026 budget, when the exemption increases from 15 percent to 20 percent.
Of course, any savings for homeowners means that the city will have to forgo a certain amount of property tax revenue – more than $9 million over the next two years.
Still, when it comes to taxes, any reprieve is a welcome one.
Residents still have a chance to share their thoughts on the budget with city leaders. The next Public Input Session will take place Thursday night at the Water Utilities building at 2726 Holly Road. It begins at 6 p.m. and everyone is invited to attend.
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