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Council discusses larger homestead exemption, delays decision until next meeting
Summary
Mayor proposed raising The Colony’s homestead exemption from 3% to 5% and adding a $15,000 flat exemption for homeowners 65 and older; council debated fiscal impacts and potential tradeoffs with tax‑rate cuts and postponed the measure for final action at the next meeting.
The Colony City Council deliberated a proposal to increase the city's homestead exemption and consider accompanying tax‑rate reductions but voted to postpone final action until the council's next regular meeting.
Mister Miller (city staff) presented valuation totals and a decision matrix showing projected revenue impacts. He told council staff was using a conservative approach to values still under appraisal and provided example figures: applying a $50,000 flat exemption would reduce city…
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