In an effort to provide some relief from property taxes, the Bexar County Commissioners Court voted to provide a $5,000 deduction from the appraised value of primary homes.
The bill, led by interim Pct.3 Commissioner Marilyn Barnard, passed unanimously on Tuesday.
“In a year when we as a county are expected to receive record increases in tax appraisals, it makes sense to help the homeowner,” Barnard said in a news release. “I want to remind everyone to apply for your homestead exemption, if you have not already.”
The exemption will help lower property tax bills but it comes amid skyrocketing home prices.
Even with the exemption, the county is expected to see its property tax revenue go up by $8.5 million because of rising property values, according to the proposal submitted by Barnard.
“It has never been more important to have a homestead or other exemptions than it is today,” Barnard added.
According to the Texas Association of Appraisal Districts, property values have gone up between 10-50% over the past year. Prices in the San Antonio-New Braunfels Metropolitan Statistical Area is up 18%, according to a Texas A&M Real Estate Research Center report.
Homeowners who need to apply for a homestead exemption can fill out the form here.