NEWS BRIEFS Lone Star College System increases homestead exemption by 7%
San Jacinto River Authority general manager resigns
HOW HOMESTEAD EXEMPTIONS WORK
A homestead exemption removes part of the value on a homeowner’s property from taxation and lowers the homeowner’s taxes. The following example shows how property taxes owed are calculated based on a home appraised at $300,000 with a homestead exemption of 8%.
BY VANESSA HOLT
The board of directors of the San Jacinto River Authority accepted the resignation of General Manager Jace Houston in a May 25 special meeting. The river authority oversees water quality
BY CASSANDRA JENKINS
The Lone Star College System board of trustees voted June 1 to approve a 7% increase in the home- stead exemption. According to a news release June 1, the move will result in homeowners paying less in taxes in the 2023 tax year. Two-minute impact: According to the news release, the new homestead exemption will be $5,000, or 8% of the assessed value of a home, whichever is greater. Homestead exemptions remove part of a home’s value from taxation, lowering the taxes owed. • The previous LSC tax exemption rate for an eligible homeowner was $5,000 or 1% of market value. • An average tax exemption in 2022 was $3,000 on a home valued at $300,000. • Under the new LSC homestead exemption, that homeowner would see a tax exemption of $24,000 for a $300,000 home. • Trustees also voted to continue an additional exemption of $75,000 for those on disability or over age 65.
Appraised value: Taxable value: $300,000 $24,000 $276,000 8% homestead exemption: = -
Jace Houston
and distribution in the San Jacinto basin as well as the operation of the Lake Conroe dam. Houston was originally appointed by the SJRA board of directors in 2007. Houston outlined his decision in an email to SJRA staff citing House Bill 1540 that—under an amendment that was sub- sequently removed by the Texas Senate— would have required the board to appoint a new general manager. The final bill was sent to the governor’s office May 30. Houston’s resignation comes despite the removal of the amendment calling for replacement of the general manager. He said in a statement his last day will be June 30.
=
$276,000
100
$2,760
Property taxes owed
=
$2,760
Tax rate
X
SOURCE: LONE STAR COLLEGE SYSTEM/COMMUNITY IMPACT
• The new exemptions will automatically renew for successive one-year terms until a change is needed. Quote of note: “Lone Star College is committed to being good stewards to the community it serves,” LSC board Secretary Mike Sullivan said. “Lone Star College continues to remain financially sound and will be able to continue to pay down its debt, saving even more money for the tax payers.”
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CONROE - MONTGOMERY EDITION • JUNE 2023
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