Mallach and Company

Thu Jun 10th 2021

Homestead Exemption Approved for Leander Homeowners

Remember the Homestead Exemption we mentioned in our April newsletter? Your efforts to file and save yourself money have paid off! Leander City Council approved a homestead exemption on June 3rd.

The Homestead Exemption

Earlier this month, Leander City Council approved a residential homestead exemption of $5,000 or 1% of the home’s appraised value, whichever is greater, as property values increase. This means that amount is taken off a home’s appraised value. The home’s appraised value minus the homestead exemption is what property taxes will be based off. This exemption will save Leander homeowners about $30 in property taxes. The exemption would impact city tax revenue by almost $400,000. 

Williamson County commissioners also voted earlier this spring to extend the property tax exemption for individuals age 65 and older and disabled homeowners. The state minimum is $5,000 or 1% of the home’s value. The extension extended the homestead exemption in Williamson County to 1% or $5,000, whichever is greater. Leander has a different exemption for homeowners 65 and over or disabled. Their exemption is $10,000 and a property tax freeze. 

How The Real Estate Market Impacts Homestead Exemptions. 

Due to low inventory and high demand, the market value of homes, or what a buyer is willing to pay for a home at the current market price, has drastically increased. 

According to data from the Williamson Central Appraisal District, 2021 is the highest tax year yet, with a residential value of $63.83 billion of standard code homes in Williamson county. 2020 had a price of $51.01 billion. Data from the Williamson Central Appraisal District reports that the median home value in 2021 is $323,450. 2020’s median home value was $273,988. This year also brought in the most significant year-over-year increase in the total market value of real residents parcels, with $69.5 billion reported. It’s a $14.6 billion year-over-year increase in taxable value for Williamson County.  

According to city documents, Leander has 13,842 residential homes adding up to over $5 billion in value. The average value is $373,213. In May 2021, the Williamson Central Appraisal District had valued over 253,000 properties with a total market value of $108 billion as of January 1st, 2021. It’s over a $20 billion increase from 2020’s $89.89 billion. 

Call us to learn about your home’s market value and how much you could get for selling! 

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