Government
Prosper raises tax exemption to 17.5%
Celina council asks EDC board to reapply The Celina Economic Development Corporation board will include new faces after three of its members submitted letters of resignation on July 11. What happened? Celina City Council had previously requested that all members reapply for their positions regardless of if their term was expiring. Council member Eddie Cawlfield suggested the change as a way to reassess the EDC board during a July 9 council meeting. The process does not mean the members cannot be reappointed but they will have to take part in new interviews. Council was expected to fill the three vacancies during a July 23 meeting.
Homestead exemption rates
Anna 3%
5%
Coppell
Prosper Town Council members approved raising the town’s homestead tax exemption from 15% to 17.5% during a June 25 meeting. The 2.5% increase is expected to save qualifying residents an annual total of $1.16 million—roughly $111 for each property owner, Finance Director Chris Landrum said. How to qualify To be eligible for the exemption, a Prosper resident would need to: • Own and occupy the home as their primary residence • Submit the exemption application to their county’s appraisal district by April 30 The exemption cannot be less than $5,000 or greater than 20% of the home’s assessed value, according to a meeting presentation.
7.5%
Southlake
Flower Mound Frisco
12.5%
15%
17.5%
Prosper
20%
Keller
SOURCE: TOWN OF PROSPER/COMMUNITY IMPACT NOTE: SOME CITIES, INCLUDING CELINA, DO NOT HAVE A HOMESTEAD EXEMPTION.
The 17.5% rate will go into effect for property taxes due in 2025. Diving deeper Prosper’s homestead exemption was established for fiscal year 2016-17 at 7.5% and raised to 10% for FY 2017-18. “This is an important step for our homeowners,” Mayor David Bristol said.
10
COMMUNITYIMPACT.COM
Powered by FlippingBook