If you are a Texas homeowner who is looking for a way to reduce your property taxes, you will be happy to know that there are many opportunities available to you. One of the best money saving opportunities available to Texas residents is the homestead exemption, which every Texas homeowner is eligible to receive. Saving money with the homestead exemption is quite simple. This is because filing for the exemption reduces the overall value of your property, which reduces the amount of taxes you owe on the property.
While the homestead exemption provides a great way to save money on your taxes, the unfortunate reality is that there are scam artists who will try to take advantage of unsuspecting homeowners. Therefore, it is important to keep a few things in mind about the homestead exemption. First of all, it is important to realize that there is no fee associated with filing for the homestead exemption. If you receive a letter in the mail offering to “process” your application for a fee, don’t be fooled into believing the letter is from an official government agency. The truth is that you can easily file for the exemption on your own without paying any fees.
The next thing you should know is that there are several different types of homestead exemptions available. These include:
* School taxes – allows you to qualify for a $15,000 homestead exemption on school taxes.
* County taxes – allows you to qualify for a $3,000 exemption if your county collects taxes for flood control or farm-to-market roads.
* Optional exemptions – allows an exemption of up to 20% of the home’s value provided by any taxing unit, including the city, county or school district. The amount cannot be less than $5,000, with the exemption being added on to any other exemptions you may qualify to receive.
* Homeowners who are disabled or who are 65-years-old or older – taxing units can provide additional homestead exemptions to homeowners who are disabled or who are 65-years-old or older.
* Disabled veterans and survivors – allows for an additional exemption if you are a Texas resident who was disabled while serving in the military or if you are the surviving spouse or child of a disabled veteran or of someone who was killed while on active duty.
While there is certainly much to consider when filing for your homestead exemption, the last thing you need to do is to pay to have the application filed on your behalf. If you have any questions about the process, contact the Texas attorney general’s office or the Texas state comptroller’s office for more information.
Jim Olenbush is the owner of Cantera Real Estate, http://www.jimolenbush.com in Austin, Texas. Jim manages a team of experienced Austin Realtors and they specialize in luxury real estate sales.
|
|