If you purchased property this past year and you are living in it, it’s time to file for your homestead exemption. You can do it online at your favorite county tax appraisers web site by downloading the form.
What is a Texas Homestead Exemption?
It provides legal protection regarding your home and can also save you money on your property tax bill. A homestead exemption reduces taxes by lowering a home’s taxable value. All school districts offer a $5000 homestead exemption, and some taxing units offer a percentage exemption of up to 20% of a home’s assessed value. Homeowners can lower their property taxes by applying for these exemptions for which they are eligible.
The rules are:
You must OWN your own home and occupy it as your principal residence on January 1. You can have only ONE principal residence and ONE homestead exemption. For more explanation on Texas Homestead Exemption click here. And if you didn’t file last year you can do it now and still get the exemption for both years. Government is helping you out on that one.
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