Saturday, May 25, 2024

Double Oak council approves new residence homestead exemption

The Double Oak Town Council unanimously approved a new Double Oak residence homestead exemption Monday night.

The town’s first residence homestead exemption will allow property owners who are eligible a property tax reduction of 1% or $5,000 minimum off the taxable value, whichever is higher, according to a news release from the town. For residents who already have a homestead exemption on record with the Denton Central Appraisal District, this new local exemption becomes effective automatically.

“With the passage of this new local exemption and in conjunction with other property tax exemptions the town offers, along with the town’s municipal property tax rate of $0.198067/$100, Double Oak’s past and present elected officials have demonstrated leadership in providing local property tax relief for all of the town’s residents,” said Double Oak Mayor Pro Tem Patrick Johnson.

Double Oak currently offers $50,000 exemptions for disabled people and residents 65 and older, as well as a limitation tax ceiling exemption. The new homestead exemption will be in addition to other eligible exemptions residents already have.

Mark Smith
Mark Smith
Mark Smith is the Digital Editor of The Cross Timbers Gazette.

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