SAN ANTONIO — As the Texas legislature continues to fight over tax relief from school district property taxes, the San Antonio City Council is doing what they can to reduce homeowner property taxes.
The City of San Antonio currently allows a 10 percent homestead exemption for home owners. This means the city excludes ten percent of a homes value when calculating city property taxes.
The council is now preparing to increase the homestead exemption from 10 percent to 20 percent, which is the largest percentage allowed by state law.
The council will officially vote on the proposal on June 22.
If the homestead exemption increase passes, a $200,000 home would get a tax break of around $110. A $320,000 home, which is the median home value in San Antonio, would get $117. A home valued at 700,000 would save around $385 in property taxes each year.
Even if the homestead exemption changes go through, the city's property tax rate would still decrease slightly to $0.54041 per 100 dollars of home value.
If you want to calculate your new City of San Antonio property tax for homeowners, use the following equation where V is your home's appraised value:
V x 0.8 x 0.0054041
This will only apply to the City of San Antonio property tax rate and does not affect the other tax rates affecting your property.
The homestead exemption only applies to home owners who have applied for the exemption. Bexar County Tax Assessor-Collector Albert Uresti told KENS 5 there are potentially many homeowners in Bexar County, and in San Antonio, that have not applied for that exemption.
Homeowners can go the the Bexar County Appraisal district site and download this form. Homeowners can contact the Tax Assessor Collector Office for additional help at 210-335-2011.
Uresti said homeowners can apply for the exemption at any point in the year to take advantage.
"You can apply now for a homestead exemption and it takes effect immediately. Apply for the exemption and it will prorate it (home tax) for the rest of the year," Uresti said. "A homestead exemption is a very good way to defend yourself from increases in property taxes."