How Much Savings Is My Texas Homestead Exemption?

How a Homestead Exemption Works

If your home’s tax appraised value comes in at $100,000, and you qualify for a $25,000 exemption (this is the amount mandated for school districts), you will pay school taxes on your home as if it the tax appraised value were only $75,000.

homestead exemption also protects a surviving spouse if the other homeowner spouse dies.

Homestead Exemption in Texas

Homestead exemptions remove part of your home’s taxable value from being taxed, (exempted) which in turn lower your taxes.

Qualifications.

You qualify for a homestead exemption if your home is considered your primary residence. (You cannot receive a  Homestead Exemption on more than one property at a time.) You may also qualify for additional exemptions.  For example, individuals 65 or older or disabled residence homestead owners qualify for a $10,000 homestead exemption for school taxes. This is in addition to the $25,000 exemption for all homeowners.

Application Deadlines.

You should file your regular residential homestead exemption application between January 1 and April 30. Early applications will not be accepted. If your application is postmarked by April 30, this will allow the district time to process it before your tax statement comes out in the fall.

NEW HOME OWNERS:  You may file after you have lived in your new home after January 1. So for instance if you purchased your new home in August of 2018 you would be eligible after January 1, 2019.

You can also apply for a retroactive homestead exemption up to one year after the property tax delinquency date (normally February 1st).

Resources.

Visit Tarrant County Appraisal District online for more information on these topics.

DOWNLOAD The TARRANT COUNTY Homestead Exemption Form Here.

 


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