We know this is the time of year when everyone starts to compile their information for Uncle Sam. If you purchased a home in 2024, you are eligible for a Homestead Tax Exemption.
There was a BIG change in the Homestead Exemption in 2024.
In the past, the homestead exemption was $40,000 of your home’s tax-assessed value of your home, but starting in 2023, the homestead exemption is $100,000 of your home’s tax-assessed value. For example, if your tax-assessed value comes in at $500,000 this year, you are only going to pay taxes on $400,000, saving you thousands of dollars!
How many properties qualify?
The Homestead Exemption can only be applied to one property at a time. For savings, if you own multiple properties, you want the exemption on the property with the highest value.
How do I apply for a Homestead Exemption?
To apply for the Homestead Exemption (or any other exemptions), you can go to your county appraisal district websites (listed below). You will also need a copy of your driver’s license that reflects your new home address.
EXEMPTIONS: There are several forms of tax relief available in Texas, which may reduce the taxable value of your property. Applying for exemptions is your responsibility as the homeowner.
On January 1st, the value, ownership, legal description of the taxable property and exemption status on the taxpayer are determined. To receive your exemption(s), you must own and occupy the property as of January 1st. You must apply for the appropriate exemptions on or before April 30th to receive the tax benefits for that year.
We can help you.
Applying for a property tax exemption is FREE for you. Some companies will offer to do it for you for a fee. Call us first! We are here to help you save money and are happy to walk you through the process if you have any questions.
We are thankful for the opportunity to serve you. 214-233-6809
