HOMESTEAD EXEMTION

By peperoyo,

Hello, I hope that everybody is doing well and staying safe. It is the beginning of the year and I want to take de opportunity to talk to you about Homestead Exemption.

As a homeowner in Texas, you are eligible to apply for a tax break from property taxes on your principal residence called a Homestead Exemption. Homestead Exemptions remove part of your home’s value from taxation, so they lower your taxes. Currently, the homestead exemption for school taxes is $25,000.

You may apply to the appraisal district up to one year after the date you become age 65 or qualify for disability, or up to two years after the taxes are due, whichever is later. If your application is approved, you will receive the exemption for the entire year and for subsequent years as long as you own a qualified homestead.

You may qualify for a homestead exemption if:

  • You owned the property on January 1st.
  • You occupied it as your principal residence on January 1.
  • You or your spouse do not claim a residence homestead exemption on any other property.
  • Have a valid Texas Driver’s License or Texas ID with the property address.

For more information please review the attached document or click on the link below:

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Filing_Homestead_El Paso, tX

 

Casa Royo Team
PPR Real Estate Investment Services