LUFKIN, Texas (KETK) – The Lufkin City Council met on Tuesday and voted on a homestead 10% tax exemption amount, hoping that this will aid homeowners when it comes to their property taxes.
“I mean I think people are doing anything possible they can, to get a tax break,” said Jessica Cobb, a realtor with American Real Estate in Lufkin.
Councilwoman Guessippina Bonner believes that this exemption could help homeowners immensely.
“We gave them a 10% tax reduction on their homestead, and those who already have a homestead would automatically receive that,” said Bonner.
The exemption is for primary residences, for all citizens and provides an extra tax exemption for anyone 65 or older or has a disability.
“Anytime, any homeowner gets any kind of tax break, it’s a good thing so we’re very excited obviously it’s just in the city limits of Lufkin though,” said Cobb.
Bonner believes that the appraisal value of homes has gone up substantially.
“So, this would help and hopefully prevent people from being in default on their taxes, thus losing their home,” said Bonner.
Cobb explained that the housing market hasn’t been easy.
“It’s tough right now, especially with the way that taxes have gone up, so I think the people that have exemptions are all utilizing them whatever those tax exemptions are, inside the city limits and outside the city limits,” said Cobb.
She doesn’t believe this change will have a major impact on real estate but will help current homeowners.
“I don’t think it’s going to affect the market in a large way. Right now we are dealing with interest rates and different things like that. I think it is a positive thing, but I don’t think we are going to see an increase in buyers,” said Cobb.
Bonner explained the process for homeowners to get the 10% homestead tax exemption is still being worked on.
“The process we didn’t vote on, we voted on the amount, so what the process looks like is another story,” said Bonner.
Bonner added that once they do have information on the process for Lufkin homeowners, she will be sending information through mail and with community organizations.