One popular proposal to reduce the impact of new assessments on some properties is to give a homestead exemption. City Council could give homeowners living in their houses an exemption that would reduce the value of their home by up to $30,000. For example, if Council passes a $30,000 homestead exemption, the value of a $150,000 owner-occupied home would drop to $120,000.
Because offering a $30,000 homestead exemption would reduce the city’s tax base by about $10 billion, the tax rate on all property would go from the expected 1.3% to at least 1.4%. Lower-valued properties would benefit the most, while properties worth more than $400,000 would see their taxes increase.
Tell us if you favor a homestead exemption and why.