San Antonio City Council Voted To Save Property Owners More on Property Taxes
On June 22nd the City of San Antonio voted to give property owners more property tax relief. The City released the following news release:
“The San Antonio City Council unanimously voted to double the City’s homestead exemption to 20 percent. The City is also poised to propose lowering its property tax rate as part of the Fiscal Year 2024 Proposed Budget. In addition, the City is one of the few cities in that provides additional property tax relief through $85,000 exemptions and a tax freeze for disabled persons and those over 65.
“The City is doubling its homestead exemption, as well as offering even more property tax relief for our residents through exemptions, the senior and disabled persons tax freeze and an expected reduction of the property tax rate,” said City Manager Erik Walsh. “As part of the Fiscal Year 2024 Proposed Budget, the City is planning to offer an estimated $134.1 million in property tax relief to our residents.”
The Bexar Appraisal District (BCAD) will automatically update accounts for residents who already have a homestead exemption. Residents may verify their homestead status online by looking up their account at bcad.org. The new tax exemptions are effective for the 2023 tax year, which began on January 1, 2023. Residents will begin receiving their tax bills on October 1. For questions about the homestead exemption, residents may also contact BCAD Customer Service at 210-224-2432.
What does this mean for your property tax bill?
Homestead exemptions lower the taxable value of a home and reduce the owner’s property tax burden. For example, a home valued at $100,000 will see an additional $55 of savings on the City’s portion of their property tax bill.
Projected Savings*
San Antonio is one of the few Texas cities that offer an over-65 and disabled persons tax freeze in addition to the over-65 and disabled persons exemption. The City has not raised the property tax rate in 30 years and has lowered the rate eight times in that period. The City will set the property tax rate for the next year as part of its annual budget process. It is poised to lower the rate for the ninth time in thirty-one years as part of adoption of its budget in September. The City will provide residents an estimated $134.1 million in property tax relief in Fiscal Year 2024 with the implementation of these new exemptions.”
