How Much Does Your Texas Home Love You? Let's Talk Homestead Exemptions (and Save You Money!)
Howdy, homeowners of the Lone Star State! Ever feel like your house just…gets you? Like it puts up with your questionable taste in throw pillows and your burning desire to learn the banjo at 3 am? Well, that's the spirit of a Texas homestead, baby! But did you know your home can show its love in a very real, tax-saving way? That's right, we're talking about the glorious homestead exemption.
But First, How Much Does This Love Cost? (Spoiler Alert: It's Free!)
Okay, okay, so the exemption itself isn't a price tag, it's a gift from the state (and maybe a little payback for all those times you grumbled about property taxes). The key thing to know is the amount of your exemption, which reduces your taxable property value. Here's the skinny:
- The General Public: This is where things get interesting. In 2023, the general homestead exemption went up to a whopping $100,000 for school district taxes. That's a pretty sweet deal!
Wait, There's More! Some counties and school districts offer additional exemptions on top of the $100,000. So, how much does your house really love you? It depends on where you live!
Hold on to Your Stetsons, Seniors and Superheroes (with Disabilities)
Texas gives a little extra love to our amazing seniors (over 65) and those with disabilities. You fantastic folks can qualify for an additional $10,000 exemption on top of the general $100,000. That's a total of $110,000 to keep more money in your pocket! Just remember, you can only choose one – the senior exemption or the disability exemption – for school district taxes.
Side Note: Feeling a little lost in exemption land? Don't worry, partner! Your local appraisal district (that's the folks who value your property) can answer all your questions. You can find their contact information with a quick Google search.
So, How Do I Get This Sweet, Sweet Exemption Love?
Simple, my friend! Just head over to your local appraisal district and file an application (usually before April 30th). It's a painless process, and once you're approved, you're golden (or should we say, "bluebonnet-y") for the year.
Remember: This post is for informational purposes only. Tax laws can be tricky, so if you have any questions, consult a tax professional or your friendly neighborhood appraisal district.
Now, go forth and show your homestead some love by saving money on those property taxes! You can use that extra cash to, you know, buy more throw pillows or maybe finally invest in some banjo lessons.
