There are various exemptions that can be applied-for with your taxing authority. One of the most widely utilized tax exemptions in Texas is called the Residential Homestead Exemption. This exemption reduces the taxable value of your home and therefore your tax bill. Some of the other potential tax exemptions available are:
- Residential Homestead Exemption
- 65 or older exemption
- disabled person’s exemption
- Residence Homestead of 100 Percent or Totally Disabled Veteran
- Disabled Veterans
[Actually there is a long list of exemptions; these are the most common for average home owners – see list of exemptions]
It is necessary to qualify for the various exemptions and an application is required as well – for more great information on this topic see:
Texas Homestead Tax Exemption [a complete guide]
Exemptions FAQ – a must read
To check what exemptions you currently have on your property you can search for your address at the Tax Assessors website (such as www.tad.org for Tarrant County). On the tax statement there should be an item designated as: “Exemptions” (or similar) which will list the exemptions currently on the property.
NOTE: I was checking the exemption on my own home, which I have had for many years, and it is missing! SO, upon further investigation I found that when I put my home under our family trust this year the tax exemption ended, apparently since the “ownership” of the home has changed. Moral of the story – don’t trust the government to maintain your best interests – check this EVERY year and re-submit if necessary. Put this activity as a recurring activity on your calendar every January.
Speaking of tax advantages; please be sure to read this blog about homeownership, tax writeoffs, and filing taxes.
I would be honored to help you with your real estate needs. Just give me a call or contact me.