Money doesn't grow on trees, so why are you giving it away? Many new homeowners are unaware that they can save money by filing for a Texas Homestead Exemption. Texas offers homestead exemptions for School taxes, County taxes, Age 65 or older, and disabled persons. These exemptions remove part of your home's assessed value from taxation, thus saving you money. The best part is it's FREE, so don't be fooled by those charging fees to file or prepare paperwork. The most common exemption filed is for school taxes, which is valued at $15,000. This means that a home appraised at $150,000 that qualifies for the $15,000 exemption will pay school taxes as if the home were valued at $135,000. There are only a few simple rules to qualify for the exemption: 1) it must be the homeowner's principal residence, 2) the homeowner must have taken residence on January 1 of the tax year, and 3) the exemption must be filed by April 30.
You may file an Application for Residential Homestead Exemption with Bell, Coryell, or Lampasas county tax appraisal district to receive the $15,000 exemption. You only need to file once unless notified by your appraisal district to submit a new application. Also be sure to contact your appraisal district to remove the exemption should you move or no longer meet the qualifications.
Read more about Texas Homestead Exemptions HERE