Homestead Exemption

[Minnesota_Horn]

I just bought my first house, the house is in Texas. Can someone explain the homestead exemption an how I can apply for the exemption. Is there any reason I wouldn't want to apply for the homestead.

 

[mishatx]

There's a form; I can't remember if I got it from a state website or from the appraisal district website.

No reason not to apply. If you qualify for the exemption, take it. Save you a few hundred bucks a year.

 

[mishatx]

here you go: form from the Travis CAD website:The Link

Whether that form is acceptable in your appraisal district, I don't know.

 

[TX_HORNS]

By claiming the homestead exemption you only pay taxes on 80% (I think that's right) of your home's appraised value. To apply for it, you just go to your county tax assessor-collector's office and fill out a form. If they have a website, you can probably download and just mail it in.
Here it is from Harris county:The Link

The only reason I can see for not wanting to apply for it is if you have an aversion to saving money on your taxes.

 

[UTAustin92]

I filled out the form and submitted a while back for the exemption for last year but still haven't heard back from them. I was sure that I would have a refund from them by now. Hmmm I guess I will keep waiting.

 

[tropheus]

look online at the tax appraiser's website for your county. Look up the address and it should give a breakdown on taxable value, exemptions, tax rates, taxing authorities, etc.

That should let you know if they processed your request, at least informally.

 

[wolfman]

By all means homestead your property. In addition the the other things already mentioned I believe that it also puts an annual max (I think 10%) on the amount that your property tax appraisal can increase.

 

[VacantlyOccupied]

You will soon be contacted by one or more people offering to do this for you for a fee. Tell them to go to hell. Like everybody else said, it's a very simple thing to do yourself.

 

[Teasip63]

Also, I am not sure so somebody correct me if I am wrong, but claiming homestead prevents anyone from taking your house in a bankruptcy as long as you continue payments on it. If it is not your homestead I believe they can file a claim against it as an asset and have it sold and take the equity to satisfy their claim.

 

[frankey01040392]

the homestead exemption allows yoiu a discount of between 10-15,000 which lowers your taxable value 2 you will not hear back from tac office they will just put it in your file 3 you have to have occupied the home as of Jan 1 of the year you are filing for so if you closed on Jan 2, 2004 you are not eligible until Jan1 ,2005 for the exemption

 

[Bookman]

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[bularry]

I wouldn't mail mine until first week of January. Mailing it now just increases the odds that the Tax Asessor office loses it.