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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.
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.
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.
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.