Amid spiraling property values, Alamo Colleges is looking to to offer relief to elderly and disabled taxpayers.
Mike Flores, Alamo Colleges chancellor, said the property tax exemptions approved this week are aimed at providing fairness and focusing relief for taxpayers on fixed incomes. The district adopted its first homestead exemption and increased its exemptions for the elderly and disabled.Alamo Colleges will offer its first-ever homestead property tax exemption and increase existing breaks for people who are disabled or 65 or older.
The new exemption will shield 1 percent of a property's value, or a minimum of $5,000, from taxation. More than 372,000 Bexar County property owners are expected to see a small savings in their tax bills — about $7.45 on average.Overall savings are expected to total $5.6 million, based on preliminary data from the Bexar Appraisal District.The total market value of Bexar County properties this year surged nearly 16 percent over 2022, hitting $314.
Creating or increasing homestead exemptions is one way for public officials to answer homeowners' demands for relief. Alamo Colleges — which includes Northeast Lakeview, Northwest Vista, Palo Alto, St. Philip's and San Antonio colleges — estimates it receives about 6 percent of revenue from an average property tax bill. In Texas, public school districts take the largest share of property tax revenue.The board also OK'd an increase in the homestead exemption for seniors from $30,000 of a home's value to $50,000.
Although many property appraisals are currently under review — the deadline for most homeowners and businesses to protest their 2023 values was Monday — the college district expects its tax revenues for maintenance and operation to increase in fiscal 2024 by $24.5 million, to $255.4 million.
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