Happy New Year from Lair Properties! Whether this is your first year in your new home, or you've been there for some time, two things are certain. One, you still have a box somewhere that you never got around to unpacking. Two, every homeowner can be saving on their property taxes by filing a homestead exemption.
From the website of the Texas Comptroller of Public Accounts:
"Property tax in Texas is a locally assessed and locally administered tax. Texas law allows a variety of partial or complete exemptions from local property taxes. A partial exemption removes a percentage or fixed dollar amount of the property' s value from taxation. An absolute or total exemption excludes the entire property from taxation."
Simply put, with exemptions you can reduce personal property taxes by exempting a portion of your home's value from consideration. You only have to file it once, meaning you don't have to resubmit the exemption every year! Some exemptions - such as for those age 65 or older, or disabled persons - have criteria that exclude some homeowners. ANYONE, however, can apply for a residential homestead exemption.
Qualifying for a residence homestead exemption is simple:
1) Own and reside in aforementioned home on January 1st of the year you apply for the exemption.
2) Don't claim a homestead exemption on any other property you own.
Pretty straightforward! This is a near-effortless way to save on property taxes, and we highly recommend it.
Additional resources:
http://www.window.state.tx.us/taxinfo/taxforms/50-114.pdf
http://www.dallascad.org/exemptions.aspx#General
Wishing you happiness and success in 2015,
Cerissa Lair, Sally Zobrist and Billy Brown
