What are your rights as a property owner in Texas? Tax exemptions, homestead defined
In Texas, it’s free to file for a homestead exemption. You could save thousands of dollars by applying, and it’s more than likely you qualify.
According to Tarrant County Appraisal District, “a homestead exemption is an exemption that removes all or a portion of value from your residence homestead as authorized by the State or adopted by a local taxing unit.”
When you are granted a homestead exemption, you also get what’s called a homestead cap. This limits your appraised value to 10% every year.
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If you live in a house, it’s likely you qualify for a homestead exemption. First, you have to own a homestead. TAD classifies this as “a structure (including mobile home) and land (up to 20 acres) that is:”
Owned by one or more person, or trust
Made for human residence
Is used as a residence
Is as the principal residence by the owners
If you at least check those boxes, you can see if you qualify for any of these key benefits, according to TAD.
Residential Homestead Exemption for Homeowners: If you own and live in your home, you may qualify for a residential homestead exemption. You must be in you new property from January 1 of the calendar year.
Full Homestead Exemption for Heir Owners: Qualifying heirs can claim a residential homestead exemption on the full property. “This applies to heir properties acquired through wills, transfer on death deeds, or intestacy, where at least one owner claims it as a residence homestead.”
Additional Exemptions for Seniors and Disabled Individuals: Senior citizens and those with disabilities may apply for extra exemptions. This includes relief on school and local taxes.
Tax Deferrals for Homeowners: “Homeowners facing a significant increase in property value can defer part of their taxes. However, interest continues to accrue on the deferred amount until it’s paid.”
Special Exemptions for Disabled Veterans: Veterans with service-connected disabilities may be eligible depending on their disability rating. “Surviving spouses of veterans who died on duty may also be eligible for exemptions.”
Agricultural Property Benefits: Depending on your property’s agricultural use, you may be eligible for alternate appraisals. This applies to properties raising crops, livestock, or used as wildlife habitats.
All homestead exemptions applications are available on TAD’s website. To apply, you will need your driver’s license, property account number, and online pin. Depending on the exemption, various documents may be required.
