31 Jan Homestead Exemption Reminder

What exactly is a Homestead Exemption?

⭐️ In Texas, it means that you have received a tax break based on home ownership.

💰The amount a person can save with a homestead exemption in Texas depends on the value of your home and the area it is located. For example, if your home is assessed at $300,000 and you qualify for a $40k exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $260k.  Taxing units have the option to offer an additional exemption of up to 20 percent of the total value.

✅ To qualify for the general residence homestead exemption an individual must have an ownership interest in the property and use the property as the individual’s principal residence. An applicant is required to state that he or she does not claim an exemption on another residence homestead in or outside of Texas.