The Argyle Town Council this week voted to increase the homestead exemption for residents who are disabled or 65 years old or older from $100,000 to $150,000, beginning in the 2023 tax year.
Councilmen Ron Schmidt and Rick Bradford brought the idea to council as a way to help people who may be on fixed incomes facing continually rising inflation.
“We think seniors are feeling the squeeze from inflation, from property values to non discretionary items like food,” Schmidt said. “We wanted to do what we could, as much as we could afford, to offset inflation.”
According to town staff, there are 383 tax roll accounts among residents that will be affected. The town estimates a reduction in revenue of about $70,000 as a result of the exemption increase, an average of $182 in savings per qualified homeowner.
“It might only amount to a couple hundred dollars, it’s not much but it’s something,” Schmidt said, adding that the town has prioritized fiscal responsibility and he believes the town can afford the decrease in revenue.
Council voted unanimously to approve the ordinance during Monday’s council meeting.
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