Homestead Exemption: Your Golden Ticket to Lower Property Taxes
So, you're 65 and finally ready to enjoy the golden years. You've earned it, right? Sunsets, grandkids, and maybe a little gardening. But let's talk about something a bit less glamorous but equally important: property taxes. Cue dramatic music
Texas: Where Everything's Bigger, Including Property Taxes (Sometimes)
Texas is known for its big skies, bigger hearts, and, well, sometimes bigger property taxes. But fear not, silver-haired Texans! There's a secret weapon in your arsenal: the homestead exemption. It's like a magic wand that can wave away a chunk of your property taxes.
The Over 65 Homestead Exemption: A Breakdown
Now, let's get down to brass tacks. The over 65 homestead exemption in Texas is a sweet deal. You get a base exemption of $40,000, plus an additional $10,000 for being over 65. That's a total of $50,000 off your property's assessed value. Not too shabby, right?
But wait, there's more! Some counties offer additional exemptions. It's like finding extra sprinkles on your ice cream. So, be sure to check with your local appraisal district to see if you qualify for any extra perks.
Tips for Maxing Out Your Homestead Exemption
- Time is of the essence: Make sure to apply for your homestead exemption as soon as you turn 65. Don't miss out on those precious tax savings.
- Document, document, document: Gather all the necessary paperwork. You'll need proof of age, residency, and ownership of the property.
- Be patient: The process can take a few months, so don't panic if you don't see results immediately.
How to... Your Homestead Exemption FAQs
How to qualify for the over 65 homestead exemption? You must be 65 or older, own the property, and live there as your primary residence.
How to apply for the homestead exemption? Contact your local appraisal district for the application process. They'll guide you through the necessary steps.
How to calculate my property taxes after the exemption? Your property tax bill will be calculated based on the taxable value of your home, which is the assessed value minus the exemptions.
How to appeal a property tax valuation? If you believe your property is overvalued, you can appeal the appraisal to your local appraisal review board.
How to find the contact information for my local appraisal district? You can usually find this information on your property tax bill or by searching online for your county's appraisal district.
Remember, claiming your homestead exemption is like finding extra money in your couch cushions. It's easy, rewarding, and can provide some much-needed financial relief. So, don't be a stranger to your local appraisal district. They're your new best friends!