10-24-05 Regular Meeting of Fiscal Affairs Committee Minutes

Browse Search

• • Green, Shannon From: Alexander, Cynthia Sent: Wednesday, November 09, 2005 2:57 PM To: Green, Shannon Subject: FW: Corinth: elderly may get tax relief For audit committee. Original Message Sent: Thursday, October 20, 2005 3:34 PM Subject: Corinth: elderly may get tax relief Corinth's elderly may get tax relief Denton Record Chronicle 07:33 AM CDT on Thursday, October 20, 2005 By Josh Baugh /Staff Writer The Corinth City Council could decide tonight whether to increase the city's property tax exemptions for residential property owners 65 and older or who are disabled. Council member Lynn Mayfield, who sponsored the idea, said she wants to bring Corinth's exemptions in line with those of other cities in Denton County. "Every other city in this area gives larger exemptions than we do,"she said. "I really feel once people reach the age of 65 and retire, they don't have any more income coming in. It's not like young people who get increases in salaries every year." An exemption is a reduction in a tax bill for certain groups of people, such as the elderly and disabled. People in those groups have to apply for their exemptions at the Denton Central Appraisal District, which sets values for properties countywide. Those values are used by taxing entities, such as the county, cities and school districts. Corinth's $5,000 property exemption for the elderly and disabled is the lowest in the county, along with Justin, which also has a X5,000 exemption. The city of Krum's exemption is for $6,000 and all other cities in Denton County give 65-and-older exemptions ranging from $10, 000 to $90, 000. "If Ponder and Sanger can do $50,000 and $30,000, then by golly, I think we should be able to do the same for our residents,"Mayfield said. "I'm just hoping it will pass." In a workshop session Sept. 29, the council reviewed exemptions ranging from $5,000 to $25,000. But tonight, the council will likely cote on whether to increase the exemptions to $10,000, Interim City Manager Olen Petty said. About 410 residential properties in Corinth are owned by people who are eligible for these exemptions, which will cost the city x11,418 in revenue this year. If the council