Good news! As of January 1. 2022 you can go ahead and file your homestead exemption in the same year you purchase your home and you will receive a partial exemption, prorate for that year. Thanks to a new law, you no longer have to wait until the following year to file.
Keep in mind, the Homestead Exemption is NOT Automatic. You have to file for it yourself with the county where the home resides. You can do this directly with the county. It is FREE. And you only have to do it once, not every year as some scam solicitations suggest. You do not have to pay anyone to file your Homestead Exemption for you, so ignore any mail solicitations for filing your homestead, even if they look official. This is completely DIY and the county will not remind you when you purchase.
Get the forms here.
What is a homestead?
A homestead is someone’s primary residence and you can only claim one at a time in TX. 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:
– Own it as your primary residence.
– Have a Texas drivers license or state ID with your property’s address.
If you do not own another property in TX and you are not planning on living in the home as your primary residence, but as your second home, check with the county if you can still get a Homestead Exemption.
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 firstname.lastname@example.org. RE/MAX 1 Cedar Park.
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