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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
APPRAISED MARKET VALUE
APPRAISED MARKET VALUE
$493,960
$493,960 –$98,792
HOMESTEAD EXEMPTION
TOTAL DEDUCTION
X 20%
NEW TAXABLE PROPERTY VALUE
TOTAL DEDUCTION= $98,792
= $395,168
Homeowners who are 65 and over, or disabled, can get an additional property tax exemption. $40,000 SENIOR/DISABILITY EXEMPTION
IF YOU’RE A SENIOR OR HAVE A DISABILITY , YOU RECEIVE AN ADDITIONAL IF YOU’RE 65 YEARS & OVER , OR DISABLED , YOU ALSO RECEIVE
SENIOR/DISABILITY EXEMPTION TAXABLE PROPERTY VALUE WITH HOMESTEAD EXEMPTION
– $40,000 $395,168
TAXABLE HOME VALUE
= $355,168
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.
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