What Lufkin homeowners can expect with a homestead exemption
LUFKIN, Texas (KTRE) - Some tax relief could be on the way for Lufkin homeowners as city council is considering a 10% homestead exemption.
“We were looking for a way to give our citizens of the community some relief on their homestead,” said City of Lufkin mayor Mark Hicks.
Hicks said the city has seen appraisal values significantly increase across the city due to high home sales during the last two years.
“It’s an unfortunate situation when you’re a homeowner and you don’t plan to sell your house, and you lived there for 10 to 15 years, and these rates are going up,” said Hicks.
If approved, homeowners will be allowed to apply for exemption with the county’s appraisal district office. The exemption is for Lufkin residents and provides an extra tax exemption of $20,000 for all people 65 or older, as well as those with disabilities.
“We’re basically letting you reduce the assessed value of your home by 10% and then we’re taxing you on that amount,” said Hicks.
Owner and broker of Legacy Real Estate Group in Lufkin, Becky Standbery said homestead exemptions are beneficial for both sellers and buyers.
“If you’re doing a mortgage, it adds. Your taxes are part of your payment every month, so if your taxes are less, of course that lowers your payment,” said Standbery.
Homeowner Roy Knight has lived in Lufkin for the last 30 years. Knight said lower taxes are important for all homeowners at any age.
“As an over 65-year-old that’s always important, but our tax base is frozen as a senior citizen but young folks trying to make ends meet, the less tax, the better,” said Knight
The Lufkin City council will have the second reading of the ordinance to make a final vote at their next meeting on June 20.
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