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It’s that time again – filing your homestead exemption

File your texas homestead exemption after January 1st

homestead exemption

If you purchased property last year and you’re living in it, it’s time to file a homestead exemption.  You can do it online at the county tax appraisers website by downloading the form.  If you’re new to Texas then here’s  information about the homestead exemption.

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.

About Terry W. Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite & know stuff, ask me...

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