Plano residents age 55 years and older now make up approximately a quarter of the city’s population—a growing share that is prompting Plano officials to solicit public input on how the city can better cater to the needs of its aging population.
In a largely built-out Plano, property values have been on a steady upward trajectory, driving up property tax bills for homeowners in an area where consumer prices have been rising for years. Meanwhile, an Urban Institute analysis of national census data shows adults age 55 or older have lower annual incomes than their younger counterparts.
Annual income could be dropping in part because residents are spreading out disbursements from their retirement savings over a longer period of time, said Tim Morstad, associate state director for AARP Texas. And while there are multiple property tax breaks available to residents 65 years old and older to help soften the blow of the rising property taxes, not all residents are aware of where they can go to access those resources, said Paul Gerber, chair of the city of Plano’s Senior Advisory Board.