WICHITA FALLS (KFDX/KJTL) — With many voicing their concerns about the Wichita Falls ISD school bond potentially raising taxes, there are tax exemptions that certain individuals can apply for.
A property owner is eligible for a homestead exemption on the home that they own and occupy. The exemption reduces the amount of property taxes.
If the bond is approved by voters, the estimated tax increase is anticipated to be 32 cents per $100 valuation.
“It protects you in two ways. Not only do you get savings on your taxes but it could help you with some tax increases down the road,” Wichita County Appraisal District chief appraiser Lisa Stephens-Musick said.
If property owners are over the age of 65, or are declared disabled by the Social Security Administration, their school taxes are frozen.
In the year that owners turn 65 or are declared disabled, their school taxes will remain that amount as long as there is no major addition to the property.