To lower your property taxes, apply for a homestead exemption

TEMPLE, Texas — A Common Residence Homestead Exemption is available for any individual who owns their individual house, lived in that residence on January 1 of this 12 months, and who did not modify their permeant home because January 1 of this calendar year. 

If you possess your house appropriate now, this really should utilize for you. Realtors tell 6 News you really should apply for this exemption suitable absent. 

A Typical Home Homestead Exemption caps the taxable benefit of your household from growing extra than 10 p.c just about every calendar year.

If a house was valued at $200,000 previous 12 months, and the 2022 appraisal put the new benefit at $260,000, a house owner with this exemption would be taxed at a price of $220,000 alternatively of the complete $260,000. This is due to the fact $220,000 is a 10 p.c enhance from the original $200,000. 

The adhering to year, that taxable value of $220,000 could only improve 10 % extra to $242,000, irrespective of what the appraised value was. 

If the homeowner, regrettably, did not file for a Standard Residence Homestead Exemption. They would be taxed on the complete, recently appraised price of $260,000 this year.

Realtors commonly stimulate householders to file the exemption as shortly as they are eligible right after getting a property. A Typical Home Homestead Exemption will also defend a property from becoming forcibly bought by creditors if a homeowner documents for individual bankruptcy.  

A home-owner can nevertheless file for this exemption this year as very well. Just obtain Form 50-114 below and choose that type to your nearby tax appraisal district along with a legitimate motorists license. The variety may be mailed in with a photo of the driver’s license as effectively.