THE HOMESTEAD EXEMPTION LOW DOWN
Did you purchase a home in 2019? If the answer is YES, then it’s time to file for your homestead tax exemption!
If you’re considering making the transition from renter to homeowner, you may be wondering if property taxes on your home will be affordable? If so, it may comfort you to know that homestead tax exemptions can help you shoulder the burden of your annual property tax bills. Forty-six states offer these homestead tax breaks to residents, including residents like us here in Texas! So, if you purchased a home as your primary residence in 2019, YOU qualify for a homestead tax exemption!
Homestead tax exemptions exempt a certain dollar amount or percentage of home value from property taxes. They’re called “homestead” exemptions because they apply to primary residences, not rental properties or investment properties. Meaning, you must live in the home to qualify for the tax break and the home must be your PRIMARY residence. You cannot claim multiple exemptions for multiple properties – SORRY!
The homestead tax exemption lowers the taxable value of your home. Let’s use these numbers as an example: If you have a house that has an appraisal district tax valuation of $100,000 and you get a $15,000 exemption, the property tax you pay is based on a value of $85,000 ($100,000 minus $15,000). This is a great way to save a little money!
As long as you purchase and live in the home before January 1st, you can file to receive this break on your property taxes. This years’ deadline to submit the form is between January 1st and April 30th. As long as you meet this deadline, your exemption will be applied to your 2020 property taxes.
You may contact your local Appraisal Office to file your tax exemption today at:
Burleson County Appraisal District Office
111 E. Fawn St.
Caldwell, TX 77836
Brazos County Appraisal District Office
4051 Pendleton Dr.
Bryan, TX 77802-2465
If you qualify, a homestead tax exemption can be a much-needed boom to your budget. Be sure to comply with state and county rules for claiming the tax exemption and submit your application for a homestead exemption (if an application is required) in a timely manner. In some counties, scammers have fraudulently requested payment for filing these applications, so be wary of such schemes and go directly to the county tax assessor or state government for applications and issues related to homestead tax exemptions.
• All homestead applications must be accompanied by a copy of the applicant’s driver’s license or other information as required by the Texas Property Tax Code.
• FILING INSTRUCTIONS (If required by your local area appraisal district) attach your completed and notarized affidavit to your Residence Homestead Exemption Application.
• File with the appraisal district office in the representative county in which the property is located.
For more information contact us at:
Or contact one of our residential specialists with questions.