Taylor’s most vulnerable citizens are set to have some financial relief next tax season.
On Thursday, June 9, the Taylor City Council introduced an ordinance to increase the Over 65 Tax Exemption to $40,000 and establish a disabled persons exemption of $40,000.
“It excludes or exempts $40,000 of taxable value of the rolls,” said Jeff Wood, Taylor chief financial officer. “You get $40,000 of less valued tax.”
Since 2002, Taylor has had an exemption on ad valorem taxes, also known as property taxes, for persons who are ages 65 and older for at least $17,500 of property value, which amended previous council action in 1974.
“Since I came in 2019, this will be the third time we have proposed to raise the Over 65 exemption,” said Wood.
The City Council reamended the exemption and increased the relief to $25,000 in 2019 and $30,000 in 2021.
Taylor has not previously exempted property value from ad valorem taxes for homestead properties owned by individuals
properties owned by individuals who qualify for disability benefits. The new ordinance would
establish such an exemption for individuals that receive disability benefits under the
Federal Old Age, Survivors and Disability Insurance Program.
“A disabled person will be one who qualifies for disability benefits,” said Wood.
City staff report that the council has expressed the goal of balancing the financial needs of the city with trying to keep Taylor an affordable place to live. These exemptions would reportedly support that goal.
“We’re having difficulties keeping homes affordable. The folks that are on fixed incomes, it really affects them. Our incomes go up. Theirs do not,” said Councilmember Mitch Drummond.
“We do everything we can to help out. Wish we could do more, but it’s a good start.”
