File image
File image
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.
Alerts Sign-up