Most Texans agree that property taxes are too high. And although future tax relief appears murky and uncertain, there are exemptions all Texas homeowners can follow to lower the cost of their property taxes.
In the state of Texas, property taxes are locally assessed and locally administered. These taxes pay for schools, roads, libraries, police and fireman, parks, and any other service provided by the local government. What the state does provide are exemptions for certain property owners.
These exemptions come in all shapes and sizes. There is one though, that stands among the rest as all homeowners in Texas are eligible.
So, what is it?
The homestead exemption.
Homestead exemptions remove part of your home's value from taxation, so they lower your taxes. For example, if your home is appraised at $192,400, the median home cost in Dallas, then you can qualify for a $25,000 exemption (this is the amount mandated for school districts). And this would mean that you would pay school taxes on the home as if it was only worth $167,400.
In the state of Texas, there are two ways your home qualifies for an exemption. First, you must own it, and second, it must be your principal place of residence each January, which is when the county assesses annual property taxes.
The homestead exemption is special because it gives all Texas property owners the opportunity to receive a $25,000 exemption from their home’s value. But this isn’t the only opportunity homeowners have to receive relief. Below is a quick list of homestead exemption opportunities the state of Texas provides to its property-owning citizens:
To apply for a homestead exemption, fill out this form and file it at your local appraisal district office.
At Propel Tax, we want you to understand that property tax loans don’t need to be complicated. If there’s an opportunity for our clients to receive other forms of relief, we want them to know how. It’s our job and passion to help those in financial need. If you have any questions on property tax exemptions give us a call at 877.324.8445 and we’d be happy to provide you with the resources that you need to in order to have peace of mind.