01/06/2022
💡🏡DON'T FORGET: From now until April 30, if you bought a property last year and it's your primary residence, then you might qualify for a homestead exemption.
The exemption will reduce the assessed value of your property for tax purposes, so you’re taxed only on a portion of the value of your home. In many cases, homestead exemptions are based on a percentage of value or a set amount, whichever is less. For example, if the tax assessor values your home at $250,000, but your exemption allows for the lessor of 10% of assessed value ($25,000 in this case)
Your primary residence is the only property that qualifies for a Homestead Exemption. It can be a house, condo, manufactured home on owned or lease land, as long as you live in the home and own it. The exemption can also include up to 20 acres of land, IF the lad is owned by the homeowner and used for your residential purpose (ie. yard).
HOW TO APPLY? To apply for a homestead exemption, you need to submit an application with your county appraisal district. The application can be found on your appraisal district website or using Texas Comptroller Form 50-114. If you turn 65 or become disabled, you need to submit another application to obtain the extra exemption, using the same Form 50-114.
