WilCo Increases Property Tax Exemptions For Homestead Residents

WILLIAMSON COUNTY, TX — Williamson County County Commissioners Court voted Tuesday to extend the age 65 and older and disabled individuals property tax exemption as well as add an exemption for homeowners.

The move is expected to increase the existing $30,000 tax exemption for residents age 65 and older to $90,000 and the $20,000 tax exemption for disabled residents to $75,000.

The new homestead property tax exemption is set to 1.5 percent of assessed value or $5,000, whichever is greater. The change will have a $5.6 million tax impact on the county's revenue, officials said.

According to WCAD data, the county is expected to see a $14.6 billion year-over-year increase in overall taxable value, jumping from $1.93 billion in existing property value in 2020 to $10.92 billion in existing property value in 2021.

Officials said the exemptions are only applied to county taxes, which make up a portion of an individual’s overall taxes. Other taxing entities include cities and school districts.

“In a time of rising home values, I wanted to let our residents know that we recognize the importance of providing tax relief specifically for them. It is my hope that other taxing entities in the county will look closely at increasing their exemptions as well,” said Precinct 2 Commissioner Cynthia Long.

How does the homestead exemption work?

By state law, homestead exemption must be tied to a percentage and a minimum of $5,000, county officials said.

Williamson County homes valued at $333,000 or less will receive the $5,000 exemption. Homes valued greater than $333,000 will see the 1.5 percent option kick in, authorities said.

In order to qualify for the homestead exemption, individuals must live in the home as of Jan. 1, and it must be their permanent address with either a driver’s license or utility bill attached to the address, officials said.

In order to qualify, individuals must apply for the exemption online through the Williamson Central Appraisal District website. The application process is free.