There are many great ways to save money and the homestead tax exemption is one of them! It is free and allows you to pay less in taxes if you have owned and occupied your home since January 1st. However, if you bought your house after January 1st you’ll have to wait for the following year to file for the exemption. If you are looking to buy a home now, start by checking out these Cedar Park neighborhoods!
What is a homestead?
A homestead is someone’s primary residence and you can only claim one at a time. Married couples also can only claim one homestead. Houses, condominiums, or manufactured homes can qualify as a homestead. It can cover up to 20 acres of land if used for residential purposes. Only individual owners can use this exemption, not corporations or other entities.
How to qualify:
– Lived in the house since January 1st.
– Own it as your primary residence.
– Have a Texas drivers license or state ID with your property’s address.
If you are 65 and older, disabled, or a disabled veteran you are also eligible for additional property tax exemptions.
65 and older or disabled: the school taxes on your house will not increase. The ceiling freezes your school taxes at the amount you pay in the year that you qualify for the exemption.
Disabled Veteran: You must be a veteran, disabled while serving for the U.S. armed forces, or surviving spouse or child of a member of the armed forces who was killed while on active duty. Property tax deduction depends on your disability rating.
100% Disabled Veteran: You are exempted from paying property taxes.
If you are looking to buy or sell your home give us a call at 512-966-6540 or drop an email email@example.com. RE/MAX 1 Cedar Park.