The City of San Antonio is expected to give homeowners another break on property taxes this year, though other property owners will not see the same relief.
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The city council is expected to vote on whether to raise the city’s current 10% homestead exemption during its June 22 meeting. But the tax rate won’t be set until the council passes the annual budget in September. “The more we help homeowners, the more we -- that means we’re having to shift that tax burden to somebody, and that’s working-class families, that’s renters. And so it’s just something to be mindful of,” Bravo said.The proposed homestead exemption increase and tax rate cut aren’t gifts so much as they are a necessity because of skyrocketing property values.
Because valuations are going up so much, the city would easily exceed the cap if it were to keep the tax rate and exemptions where they are. So it needs to do something to cut revenue. City staff have included a portion of the unused increment from the 2020 property tax rate in their plans to rake in an additional $9 million above the cap.Homestead exemptions are the main form of tax relief for most homeowners and are only awarded for someone’s primary home.
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