The City of San Antonio is expected to increase the Homestead Exemption and this will give relief to more residents in the different counties.
Homestead Exemption in San Antonio
The Homestead exemption is a relief measure that has helped millions of residents in the City of San Antonio to keep their homes. This program aims and is designed to allow homeowners to reduce the taxable value of their principal residence.
In a published article in San Antonio Report, the Homestead exemption has helped the residents not to be affected so hard by the rising value of their properties. With the increasing reports about house evictions, the Homestead exemption could be a remedy.
An example of this is a home assessed at around $300,000 and it would reduce its taxable amount to $240,000 through the 20% Homestead exemption.
Will the City of San Antonio Increase its Homestead Exemption?
According to a published report in KSAT, the San Antonio City Council plans to vote on the city’s Homestead program to increase from 10% to 20% on 2023 property tax assessments. Moreover, if this proposed increase will be approved, this will help thousands of homeowners.
Furthermore, the property tax bills for this year will be sent or mailed on October 1. Meanwhile, the deadline to apply for the Homestead application in Bexar County, San Antonio was in April but the Bexar County Tax Assessor-Collector Albert Uresti said that those who are qualified can continue to submit their applications.