Property Tax Exemptions
20% Homestead Exemption Anyone who owns a home in Plano can use a homestead exemption on one property.
If you’re a Homeowner in Plano, you receive a >
$375,000
$375,000
Homestead Exemption Appraised Value
Appraised Value
x 20%
Total Deduction - $75,000
Total Deduction = $75,000 New Taxable Property Value $40,000 Senior/Disability Exemption Homeowners who are 65 and over, or disabled, can get an additional property tax exemption.
= $300,000
If you’re a Senior or have a Disability, you receive an additional >
- $40,000 $300,000
Senior/disability Exemption Taxable Property Value with Homestead Exemption
= $260,000
Taxable Home Value
Age 65 and Older or Disabled Tax Freeze Homeowners 65 and over, or disabled, can apply for a tax freeze on their City of Plano taxes. Once frozen, taxes on that home cannot increase as long as you own and live in it. The taxes on your home can go below the tax freeze, but will never go higher as long as you live in that home unless you improve your home. Improvements are things like adding a garage or a bedroom. Your tax freeze will adjust to reflect improvements.
If you’re 65 Years & Over, or Disabled, you also receive >
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PLANO SOUTH EDITION • AUGUST 2023
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