Texas Homestead form updates must be filed immediately.

Attention, Texas homeowners! A significant legislative update has been passed that could impact your property taxes. The Texas Senate has enacted a bill requiring homeowners to reapply for their homestead exemption every five years. This exemption plays a crucial role in reducing your property tax bill and failing to renew it within 30 days of receiving a notification could result in losing this benefit for the next year. Here’s what you need to know about the changes to the Homestead Exemption.

For those who have been in their homes for more than five years, a letter will be sent to you with instructions to reapply for your homestead exemption. This letter will also include information on renewing your 65+ exemption, veteran benefits, and disability exemption, if applicable.

To ensure you maintain your homestead exemption, please note the following requirements:

  • You must own the property and it must be your primary residence.
  • The address on your driver’s license must match your primary residence. If it does not, please update your information at the driver’s license office as soon as possible.
  • If your property is held in a trust, you are required to provide the first two pages of the trust document that prove your ownership, along with the signature page.

As county assessors will be sending out these notifications in batches, it’s important to be prepared if it’s been over five years since you last applied or renewed your homestead, 65+, disability, or veteran benefits. You will have a 30-day window to complete and return the necessary forms.

We want to ensure that all homeowners are aware of this change to avoid any potential stress or financial burden. Losing your homestead exemption can have significant implications. If you have any questions or need assistance with the application process, please don’t hesitate to reach out to me.

To file or renew your homestead exemption, please visit the website of your county’s appraisal district. Once you are there, look for Forms, then Residential Exemptions, then Residential Homestead Exemption Application

It’s crucial to protect your homestead exemption to keep your property taxes manageable. For further assistance or if you have more questions, feel free to contact us via phone or email. We’re here to support you through this process smoothly.

In 2024, Texas homeowners saw a pivotal update to the Homestead Exemption that could significantly impact their property taxes.

This exemption, a legal provision designed to lower property taxes for homeowners, underwent notable changes. Here’s a concise overview to enhance your blog post:

Texas Homestead Exemptions now allow for a reduction in the taxable value of a property, effectively lowering property tax bills. The primary eligibility criterion mandates that the property must be the owner’s primary residence as of January 1st of the tax year. A standout change as of November 2023 is that Texas residents are eligible for a standard $100,000 homestead exemption from public school districts. This exemption, once applied for and granted, does not require annual renewal, simplifying the process for homeowners.

Eligibility hinges on the property being the principal residence, meaning it’s where the homeowner spends most of the year, and the address matches that on legal documents like the driver’s license and tax returns. This broad definition encompasses single-family homes, condos, and even mobile homes on leased land, provided certain conditions are met.

The standard $100,000 school district homestead exemption, a significant increase from the previous $40,000, reduces the taxable value of your property for school district taxes. For instance, a home assessed at $500,000 with this exemption would be taxed as if it were worth only $400,000, potentially saving homeowners a substantial amount annually.

Applying for this exemption involves submitting an Application for Residential Homestead Exemption to the county appraisal district, with required documentation including a driver’s license or state-issued ID where the address matches the property address. The filing deadline typically is April 30th, but late applications may be accepted under certain conditions.

This exemption doesn’t just apply automatically; homeowners must take action to apply. Moreover, maintaining eligibility is straightforward as long as the property remains the owner’s primary residence. The article also highlights additional exemptions for seniors, disabled individuals, and veterans, which can provide further tax relief.

For a deeper dive into the specifics of these changes and how they might benefit you, visit the comprehensive guide at Texas Real Estate Source.

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