SAN ANTONIO – San Antonio’s City Council successfully doubled the city’s homestead tax exemption to 20%, the maximum allowed by state law.
Thursday’s council’s vote was unanimous.
A press release said that the city is poised to propose lowering its property tax rate as part of the Fiscal Year 2024 Proposed Budget.
“The City is doubling its homestead exemption, as well as offering even more property tax relief for our residents through exemptions, the senior and disabled persons tax freeze and an expected reduction of the property tax rate,” City Manager Erik Walsh said. “As part of the Fiscal Year 2024 Proposed Budget, the City is planning to offer an estimated $134.1 million in property tax relief to our residents.”
San Antonio is among a few cities that provide additional property tax relief through $85,000 in exemptions and a tax freeze for people with disabilities and those over 65.
So what does this mean for your property tax bill?
Homestead exemptions lower the taxable value of a home and reduce the owner’s property tax burden. For example, a home valued at $100,000 will see an additional $55 of savings from the city’s portion of their respective property tax bill.
According to the press release, the city has not raised the property tax rate in 30 years and has lowered the rate eight times in that period.
The vote comes as new councilmembers Sukh Kaur of District 1, Marina Alderete Gavito of District 7 and Marc Whyte of District 10 participated in their first day of official duty.
Whyte celebrated the council’s first milestone. For him, this was a long overdue priority.
“Thank you to the City Council for recognizing the importance of making today’s tax relief a reality for our residents,” Whyte said. “This was long overdue. Property tax relief will remain a top priority, and I will work tirelessly to continue making progress on this issue for our community.”
District 8 Councilman Manny Pelaez also commented on the vote.
“This vote today should ease the financial burden on San Antonians as we continue to grapple with the effects of above-average inflation, higher interest rates and increases in our home appraisal values,” Pelaez said.
The Bexar County Appraisal District will automatically update accounts for residents with a homestead exemption. Residents may verify their homestead status online by looking up their accounts at bcad.org.
The new tax exemptions are effective for the 2023 tax year, which began on Jan. 1, 2023.
Residents will begin receiving their tax bills on Oct. 1. For questions about the homestead exemption, residents may also contact BCAD Customer Service at 210-224-2432.
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