The City Council on June 22 approved a 10 percent homestead exemption for Mansfield homeowners, the first time the city has provided this property tax benefit to residents.
The homestead exemption allows homeowners to save on property taxes by allowing them to exclude a portion of their home’s value from assessment. With a 10 percent homestead exemption, Mansfield residents will pay taxes on only 90 percent of the value of their primary residence as assessed by the Tarrant County, Johnson County or Ellis County appraisal districts. A homeowner with property valued at $270,000 (the average for Mansfield) would see the taxable value reduced $27,000 for a property tax savings of $192 annually based on the current tax rate of 71 cents per $100 valuation.
So what now?
Homeowners who have not already declared their property as their homestead with their appraisal district will need to apply for the exemption with the appraisal district in the county where their home is located. Once the homeowner applies, the exemption remains in place as long as they occupy the property as their primary homestead. If they sell the property or no longer occupy the home, they should request the exemption be removed.
The exemption goes into effect Oct. 1, 2020, and will be reflected in the tax bill homeowners receive this fall. Homeowners can check with their appraisal district to see if their property has already been designated on the tax rolls as their homestead.
Here are the appraisal districts serving the City of Mansfield:
Tarrant County Johnson County Ellis County
tad.org JohnsonCad.com elliscad.com
817-284-0024 817-648-3000 972-937-3552