If you have a new home, now is the time to file your homestead exemption application in Texas. You have until April 30.
A homestead exemption lowers your taxes by protecting part of your property value from being taxed. For example, if your home is appraised at $100,000, and you qualify for a $25,000 exemption, you only pay property taxes on $75,000.
Below is more information on how a homestead exemption works and how you might benefit from it.*
What is a homestead?
A homestead can be a separate structure or home, condominium or a manufactured home located on owned or leased land - as long as the individual who owns the home lives in it.
Qualifications for a Homestead Exemption:
Homeowner must be an individual (not a corporate or business)
Homeowner must use the home as his/her principal residence on Jan. 1 of the tax year
Jan. 1 rule not required for homeowners who are disabled or age 65 and older
Available homestead exemptions (in Texas): (If you live in another state, check with your state’s Comptroller’s office for available exemptions)
Age 65 or older and disabled
Optional age 65 or older and disabled
Optional percentage exemptions
To apply for your homestead exemption in Texas, contact your county’s Central Appraisal District. Click here for a county directory. You have until April 30th to apply for a homestead exemption this year.
Once you receive the exemption, you do not need to reapply unless the chief appraiser sends you a new application.
Of course, if you have any questions, we are here for you. Call us at 940.696.0000
* First Bank is not a tax advising agency. All information contained in this e-mail is for information only and does not replace tax advice from a tax professional.