Tax Exemption Approved In Denison

6-20-05 – The Denison City Council has approved an increase of the homestead exemption. The increase from $7,000 to $15,000 will provide tax relief to home owners over the age of 65, but also cost the city $98,000 in tax revenue.

The council approved the exemption by a 6 to 1 vote. They say the city’s expected growth should compensate for the loss in tax dollars.

The exemption will mean seniors will save an average of $40 a year.