The Lone Star College Board of Trustees voted to approve an updated Homestead Exemption rate during its June meeting, resulting in homeowners paying less taxes for the 2023 tax year. 

The new Homestead Exemption will be $5,000, or 8% of the assessed value of a home, whichever is greater. Homestead exemptions remove part of a home's value from taxation thereby lowering the taxes owed.

“We heard from many citizens in our community asking Lone Star College to adopt these measures,” said Michael Stoma, LSC Board of Trustees chair. “We understand the hardships some homeowners face and feel this adjustment will provide some relief for them.”

“Lone Star College is committed to being good stewards to the community it serves,” said Mike Sullivan, LSC Board of Trustees secretary. “Lone Star College continues to remain financially sound and will be able to continue to pay down its debt, saving even more money for the tax payers.”

In addition to adjusting the Homestead Exemption rate, the Trustees also voted to continue to provide an additional Homestead Exemption of $75,000 for those on disability or over age 65.

“The 2023 proposed tax rate, scheduled for consideration in September 2023, will take into account the impact of these exemptions,” said Jim Cain, Ed.D., LSC Board of Trustee assistant secretary.” As a result, the proposed rate will ensure that the board generates adequate tax revenues to support the adopted budget.”

Texas Property Tax Code 11.13(n) mandates that any changes in the percentage homestead exemption must be adopted by the governing body of the taxing unit before July 1. The new exemptions will automatically renew for successive one-year terms until a change is needed.