City Council raises homestead exemption for seniors

Staff Report

Irving—The Irving City Council held its regular meeting on June 27.

The council discussed that Moody's and Standard & Poor's have both given the city a AAA rating.

The city issues debts to pay for many of its large capital projects including water, sewerage and street projects and expanding its aquatics and recreation facilities. In order to receive the lowest interest rates on the borrowed money, it asks rating agencies to rate its bonds every year, so the better the rating, the lower the interest rates.

The council approved an increase in residential homestead exemption for seniors and people with disabilities to $55,000. This was the last opportunity for the council to increase the exemption for the next tax year.

For first time qualifiers for this exemption, visit the Dallas County website and fill out a form for the exemption. Homes valued at $300,000 receive a 20 percent homestead exemption, which lowers the amount paid to that of a home valued at $240,000. When the $55,000 exemption is applied, the homeowner pays the same amount of property taxes as someone who owns a $185,000 home. Members of the city council intend to raise the exemption to $65,000 in the next two years.

The consent agenda included the following items:

An agreement and Federal Funds addendum with Sole Source Provider Unmanned Vehicle Technologies, Inc. for the purchase of a Sparrowhawk Radar, including hardware, service, and technical support in the total amount of $193,200.

An event support agreement with Yonexin the amount of $25,080 for the 2024 Yonex USA Badminton Junior National Championships.

Established a 5-year Municipal Drainage Utility (MDU) rate plan for proposed MDU rates for fiscal years 2024-2025 through 2028-2029.

A request of Music Factory Portfolio, L.P. for a structural alteration to allow an accessory structure and retaining wall on the west side of Building C-I at Toyota Music Factory.

A consulting agreement between the city of Irving and Org Central Labs, Inc., dba Jesse James Creative in the total estimated amount of $1 38,600 for website redesign and CMS solution.