Remembering the Liberation of Homesteads - News-Credit-Mortgage-Coin

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Friday, February 5, 2021

Remembering the Liberation of Homesteads

 What is the homestead exception?


Homestead Exemption removes some of the value of your home from taxation, thus lowering your taxes. For example, your home is valued at $ 500,000 and you are eligible for a $ 25,000 exemption (the amount required for school districts). You pay school taxes on the house as if it were only worth $ 475,000.


Who Qualifies?

Remembering the Liberation of Homesteads


The following requirements must be met in order to receive the exemption:


1. You must own your home on January 1st of the year for which you are applying. (If you are over 65 and / or disabled, January 1st ownership and residency is not required.)


2. You must have your primary residence at home on January 1st of this year and you must not have any property other than homestead.


3. Only individual homeowners can get a homestead exemption.


4. A homestead can be a house, condominium, or prefabricated house. It can be up to 20 acres if the land also belongs to the homeowner and is used as a yard or for any other purpose related to the residential use of the house.


5. You must apply between January 1st and April 30th of the year for which you want the exemption.


How do homeowners apply?


You will need your Texas driver's license or ID card. From there, you'll need to file the residential exemption application with the County Appraisal District. Submit with supporting documents to the district appraisal office in each county where the property is located between January 1st and April 30th of the year for which the exemption is requested.

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