The Texas Homestead Exemption: The Key to Lower Property Taxes on Your Primary Residence

If you're a homeowner in Texas, you may be eligible for a valuable benefit known as the Homestead Exemption. This program allows homeowners to reduce the amount of property taxes they owe on their primary residence, which can result in significant savings over time. In this blog post, we'll explore the benefits of the Homestead Exemption in Texas, as well as provide instructions on how to apply and share recent legislation that impacts new home buyers.

Benefits of the Homestead Exemption in Texas

The Homestead Exemption provides several benefits to homeowners in Texas. First and foremost, it reduces the amount of property taxes that homeowners owe on their primary residence. This can result in significant savings over time, as property taxes can be a significant expense for homeowners.

In addition to reducing property taxes, the Homestead Exemption also provides some protections for homeowners. For example, it can help prevent creditors from seizing your home to satisfy debts. It can also provide some protections against foreclosure, although it's important to note that this varies by state and circumstance.

Finally, the Homestead Exemption can also provide some financial relief to seniors and disabled individuals. Texas offers additional exemptions for these groups, which can further reduce their property tax burden.

How to Apply for the Homestead Exemption

If you're a homeowner in Texas and you'd like to apply for the Homestead Exemption, the process is relatively straightforward. First, you'll need to make sure that you meet the eligibility requirements. To be eligible, you must:

• Own your home on January 1st of the year in which you're applying
• Use your home as your primary residence
• Not claim a homestead exemption on any other property

Assuming you meet these requirements, you'll need to fill out an application and provide some supporting documentation. You can find the application form and more information on the Texas Comptroller's website.

Recent Legislation for New Home Buyers

In addition to the benefits and application process for the Homestead Exemption, there is also recent legislation that impacts new home buyers. In September 2021, the Texas legislature passed a bill that increases the homestead exemption for homeowners who are disabled or over the age of 65.

Under the new law, these homeowners will be able to claim a homestead exemption of up to $75,000, which is an increase from the previous limit of $35,000. This change is expected to provide significant financial relief to seniors and disabled individuals, who may be living on fixed incomes and struggling to pay property taxes.

A change in the law that became effective January 1, 2022, allows all homebuyers to be eligible to receive the homestead exemption beginning on the date they obtain ownership. SB 8 by Sen. Bettencourt allows homebuyers who purchase properties without an existing homestead exemption to apply for the exemption right away. This new law extends to new construction homes, properties previously owned by investors, and properties where the seller had removed the homestead exemption. Now, all homebuyers in Texas can take advantage of the homestead exemption as soon as they become homeowners, potentially saving them thousands of dollars in property taxes.

In conclusion, the Homestead Exemption is a valuable program that provides significant financial benefits and protections to homeowners in Texas. If you're a homeowner and you meet the eligibility requirements, I encourage you to apply for this valuable benefit. And if you're a senior or disabled homeowner, be sure to take advantage of the recent legislation that increases the homestead exemption limit. By doing so, you can reduce your property tax burden and enjoy greater financial stability and peace of mind.

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