17-50 O - Repealing Ordinance 15-60, and establishing a Homestead Tax Exemption in the amount of 10%. TOWN OF PROSPER, TEXAS ORDINANCE NO. 17-50
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, REPEALING TOWN OF PROSPER ORDINANCE NO. 15-60;
ESTABLISHING A HOMESTEAD TAX EXEMPTION IN THE AMOUNT OF TEN
PERCENT (10%) OF THE APPRAISED VALUE OF THE HOMESTEAD;
PROVIDING FOR APPROPRIATE NOTICE TO BE GIVEN BY THE CHIEF
APPRAISERS OF DENTON COUNTY AND COLLIN COUNTY; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Constitution of the State of Texas was amended in 1981 by a vote of the
people to allow cities the local option to grant homestead exemptions; and
WHEREAS, on or about September 22, 2015, the Town Council adopted Ordinance No.
15-60, which ordinance authorized a homestead exemption in the amount of seven and one-half
percent (7.5%); and
WHEREAS, it is the desire of the Town Council to repeal Ordinance No. 15-60 in its
entirety and hereby authorize a homestead exemption in the amount of ten percent (10%).
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
The findings set forth above are incorporated into the body of this Ordinance as if fully set
forth herein.
SECTION 2
Town of Prosper Ordinance No. 15-60, adopted by the Town Council on or about
September 22, 2015, is hereby repealed in its entirety.
SECTION 3
From and after the effective date of this Ordinance, a homestead exemption of ten percent
(10%) is granted to all qualified homeowners subject to the Town's property tax pursuant to the
laws of the State of Texas regulating the assessment of ad valorem taxes. If this percentage
produces an exemption of less than five thousand dollars ($5,000) when applied to a particular
residence homestead, the individual shall be entitled to an exemption of five thousand dollars
($5,000) of the assessed value of the property.
SECTION 4
The Chief Appraiser for the Denton County Appraisal District and the Chief Appraiser for
the Collin County Appraisal District shall give appropriate notice to the general public advising it
of the availability of the exemption.
SECTION 5
This Ordinance shall apply to the 2017 tax roll and all subsequent tax rolls unless repealed
or amended by ordinance.
SECTION 6
This Ordinance shall become effective after its passage.
DULY P Ip4fUrq
AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, j , THE 27TH DAY OF JUNE, 2017.
10 0,9
f`°• '•°°°A��� APPROVED:
a. °: -P a-
s
# Ray Smith, Mayor
i °� :•
ATT •••
1
Robyn Battl own Secretary
I
APPROVED AS TO FORM AND LEGALITY:
Terrence S. Welch, Town Attorney
Ordinance No. 17-50,Page 2