West DFW News

The Glen Rose City Council made financing a little easier for residents with homestead properties by adopting a 20% exemption for homeowners of any age and raising the exemption for those 65 or older from $25,000 to $50,000.

A report in the Glen Rose Reporter said the owner of a homestead property who is younger than 65 would see a reduction in their tax bill to the city of about $150, while the reduction for a property owner 65 or older would be approximately $220.

The move came as City Council members expressed a desire to see the city taxes reduced to a similar rate as those paid by Somervell County residents.

The loss to city revenues caused by the discounts will amount to $77,000 in property taxes for the fiscal year 2020-2021, the Reporter said. However, that will be made up by the sale of Oakdale Park by the city if a buyer can be found. The sale was approved by voters last year.

In the case of a sale, the city would drop its annual debt service of $207,000 the Reporter noted. Sealed bids from potential buyers will be opened on July 30 and the city has the right to reject them if they are deemed not reasonable.