The baby boomers are now starting to think about retiring in a few years and the rising cost of property taxes are on their minds. Retirees who live on a fixed income are very worried as their properties have increased in value. Some have concerns that they will be forced from their homes even though they have paid off their mortgages.
For Texans, legislators have devised a number of provisions designed to help seniors. For those age 65 and older, all owners of qualifying homesteads are eligible for an exemption of at least $3,000 from county taxes in counties that levy taxes for roads and flood control and $15,000 from school district taxes.
The tax code provides further protection for seniors by limiting school tax on their homesteads.
These tax codes should give homeowners a sense of relief as they are going to be living on a fixed income as their homestead offers limitation on their School taxes.
Homeowners must file an application with the appraiser to receive these exemptions. The Appraisal District will continue to appraise and calculate taxes, the School taxes levied on a homestead cannot exceed the amount that the homeowner qualified for the over-65 exemption.
I feel we are very fortunate to live in Texas which is a homestead state. There are numerous protections that benifits homeowners with a homestead. The home you homestead must be your primary residence.