If you forgot to file your homestead exemption in Texas, don’t worry – you’re not alone! The fact is that many people forget to file, and it’s no big deal. You can still receive the money for that year’s exemption! This little-known secret is the key to possibly thousands of dollars in tax relief! Find out more about how to claim your homestead exemption in Texas.
What is the Homestead Exemption in Texas?
The homestead exemption in Texas is a tax relief program for homeowners. The program helps to lower the amount of taxes that homeowners have to pay. Homeowners who qualify can receive up to a $25,000 exemption on their home’s appraised value.
You can receive even more tax relief if you have a disability, are a veteran or survivor, or are over 65.
To qualify for the homestead exemption, you must own and occupy your home as your primary residence on January 01 of the year you apply. Your homestead tax exemption includes these significant tax breaks:
- School taxes: You may receive a $40,000 residence homestead exemption from your home’s value for school taxes.
- County taxes: $3,000 exemption for any special taxes.
- Age 65+ and Disabled Exemptions: If you are age 65+ or disabled (or both), you qualify for an extra $10,000 residence homestead exemption on school taxes
- Optional Percentage Exemptions: Any city, county, school, or special district, may offer an exemption of up to 20% of a home’s value. But, no matter your percentage, your optional exemption won’t be less than $5,000.
- Optional Age 65+ or Disabled Exemptions: An additional exemption amount of at least $3,000 for taxpayers age 65+ and disabled (or both). (1)
- Veterans and Survivors May Qualify for More Tax exemption relief up to the home’s entire value!
The deadline to file your application is April 30th. However, if you forgot to file your homestead exemption in Texas, don’t worry! You can still receive the money for that year’s exemption by filing a late application.
How Much Money Could I Potentially Save By Filing Late?
The amount of money you can save by filing a homestead exemption depends on your home’s appraised value and your local appraisal district’s tax rate.
For example, let’s say your home is worth $300,000 by appraisal and your local tax rate is two percent. Without the homestead exemption, you would owe $6000 in taxes. However, with a homestead exemption of only $25,000, you would owe $5500 in taxes – that’s a savings of $500!
If you are a veteran, have a disability, or are over 65, you could save even more money.
New Texas Laws Include More Homes
A new homestead exemption deadline law may save you money if you buy a house in Texas in 2022!
You may now apply for the homestead exemption in the same year you acquired your property, thanks to the legislation that took effect last January! If your home is your primary residence, you won’t have to wait until January of the following year to start saving money!
Tips for Filing a Late Homestead Exemption in Texas
Even if you forgot to file your homestead exemption in Texas, you still have time! The fact is that you can file the exemption after the deadline! You can still receive the money for that year’s exemption! This little-known secret is the key to possibly thousands of dollars in tax relief!
You can file a late residence homestead exemption application up to two years after the delinquency date! When you file late, you receive a new tax bill with a lower amount. Or, you receive a refund if you already paid!
Filing a late application for the homestead exemption is free, easy, and could save you hundreds – even thousands – of dollars! Be sure to take advantage of this little-known secret and file today!
Protesting Your Home’s Appraisal Value Can Also Decrease Your Taxes
If you think your home is appraised too high, you can protest the value with your local appraisal district. A successful protest could result in a lower appraised value – and lower taxes!
You can usually find information about how to protest your property’s appraisal value on your local appraisal district’s website:
- Brazoria: 979.849.7792 brazoriacad.org
- Chambers: 409.267.3795 chamberscad.org
- Fort Bend: 281.344.8623 fbcad.org
- Galveston: 409.935.1980 galvestoncad.org
- Harris: 713.957.7800 hcad.org
- Liberty: 936.336.5722 libertycad.com
- Montgomery: 936.756.3354 mcad-tx.org
- Waller: 979.921.0060 waller-cad.org
When it comes to saving money on your property taxes, every little bit helps! Ensure you take advantage of the homestead exemption – it could save you hundreds or even thousands of dollars! And, if you forgot to file, don’t worry! You can still receive the money for that year’s exemption by filing a late application. Don’t wait – file today and start saving!
We Can Help
At Jarrett Law Firm, we can help with all of your legal real estate needs. You can count on us from filing homestead exemptions to protesting your tax appraisal value to help with your mortgage or a new home contract.
Get in touch today or visit our website to learn more and schedule a consultation.
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