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Homestead Exemption
Attention Cedar Park homeowners:
- The City of Cedar Park has a homestead exemption.
- You will receive a 1% or at least $5,000 homestead exemption from the appraised value of your homestead, for the City portion of your property tax statement.
- Here's how it works:
- For all Cedar Park homesteads with an appraised value below $500,000, an exemption of $5,000 is deducted from the value before the City's portion of property taxes is calculated. For homes with an appraised value of $500,000 or more, the value will be discounted by 1% before the City's portion of property taxes is calculated.
- Keep in mind that the City of Cedar Park represents less than one fifth of your overall tax bill.
- What is a homestead exemption?
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A homestead is a homeowner's principal residence. A homestead exemption removes part of the value of a homeowner's residential property from taxation. Tax code allows the City to give a local optional homestead exemption. Keep in mind that the City comprises less than 20% of your tax bill each year and that this homestead exemption is for the City portion only of your tax bill.
- How does the homestead exemption work?
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For all Cedar Park homesteads with an appraised value below $500,000, an exemption of $5,000 is deducted from the value before the City's portion of property taxes is calculated. For home values greater than $500,000, the appraised value of your home will be discounted by one % before the City's portion of property taxes is calculated.
- Does Cedar Park have a homestead exemption? Why?
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Yes, as of your tax bill. The Cedar Park City Council recognizes the burden of residential property taxes on you, the taxpayer. This is why City Council has been committed to lowering the tax rate for the past several consecutive years as property values continue to rise. In an effort to provide our citizens property tax relief, our City Council unanimously passed a resolution on April 26, 2018 for the City's first-ever homestead exemption.
- Are any other exemptions affected by this?
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There are other local exemptions property owners may be eligible for (i.e. over 65, disability, etc.). Please consult with your appraisal district for additional information on those. Your home may receive additional property tax exemptions, and those are not impacted by this.