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DeSoto Metropolis Council Debates Senior Citizen Homestead Exemption Quantities

Within the DeSoto Metropolis Council Workshop held Tuesday night, Tracy Cormier offered info on town Senior Citizen Homestead Exemption for DeSoto. It grew to become a topic for dialogue in {that a} resolution on whether or not to vary the quantity of the exemption would must be made by the primary assembly this coming March.

So as to qualify underneath the present program one should:

  • You have to be 65 years of age or older
  • You need to personal and reside in residence Jan 1 and never have an exemption on every other property.
  • Should you briefly transfer and don’t set up one other principal residence if you happen to plan to return inside two years
  • If certified a surviving partner could obtain extension of the 65 and over exemption.

DeSoto Homestead Senior Exemption Is At present $30K

At present 4,160 properties in DeSoto qualify for the exemption underneath the prevailing program. The quantity of the present exemption is $30,000. This protects qualifying residents $210.45. If town chooses to approve a change, they would wish to take action on or previous to the assembly of March 2 this 12 months for it to be efficient for the tax 12 months 2021.

Councilperson Raphiel, Mayor Professional-Tem Moore and councilperson Patrick all identified given the present economic outlook due to COVID-19 there must be thought given to the long run impact of any change. Whereas town is presently on sound monetary footing, council must be prudent to insure that they keep on such agency floor. “There isn’t a strategy to pull this again, as soon as in place,” Patrick acknowledged.

Now or Later?

“All of us need to do that,” Mayor Professional-Tem Moore added. “Nevertheless we need to do it in a wise method … I might hope that we might proceed to have this dialogue.” City Manager Wright stated it will be prudent as March approaches to proceed to have a look at the scenario and look at whether or not it must be checked out for fiscal 12 months 2022 or 2023 in addition to a phased strategy. He stated metropolis employees would start to look into all options and extra choices might be appeared into throughout price range season.

All Greatest Southwest cities have the senior exemption of $30,000 apart from Glenn Heights, which has a $25,000 exemption. Councilmember Byrd requested about non-Greatest Southwest cities within the space similar to Midlothian and Ovilla and whether or not they provide extra of an exemption to draw extra empty nesters who is likely to be on the lookout for such exemptions.
The council’s work session concluded with everybody agreeing they want extra info earlier than making a choice concerning future senior homestead exemptions.

In keeping with their web site, the Midlothian senior exemption presently stands with senior residents being entitled to a $70,000 exemption on their value determinations. This is applicable to residents 65 or older. Residents presently 65 or older would retain the tax exemption and profit from the cap, whereas residents youthful than 65 earlier than July 1 would solely get the cap.

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