Is saving money one of your resolutions for 2017? If so, we have some tax news you won’t want to miss. Each year between January 1 and April 30, property owners can claim and file for the Texas Homestead Tax Exemption. This exemption can lower your taxes by removing part of the value of your property from taxation.
We field many questions during this time of year—especially when it comes to eligibility. To help, we’ve compiled a few of the questions we’re frequently asked so everyone can determine whether or not they should take advantage.
Am I eligible?
There are a few caveats when it comes to qualifying for a homestead tax exemption. Here are the guidelines that can help you determine your eligibility:
- Exemptions are based on the county of your property, and apply to homesteads, homeowners over 65, the disabled, and disabled veterans or surviving spouses.
- The property in question must be your principal residence. You cannot claim another homestead on a different piece of property.
- The owner must own and occupy the property as of January 1st of the current tax year.
- If you become disabled or turn 65 during the tax year,you can apply for the disabled or the 65 or older exemption up to one year from the qualification date (no later).
When can I apply?
The window to apply is between January 1st and April 30th, 2017 and we urge those who qualify to take advantage ASAP. During this time you must file an application for residential homestead exemption.
Where do I file?
Filing can be done online through the county appraisal district. Simply find the county of the qualifying property and download the forms from the site. You can find the Austin area county-by-county breakdown of information below. For additional Texas counties, use Google.
And, as always, feel free to contact us at any time if you need further assistance. Filing for tax exemptions can be tricky, but you don’t need to go through it alone!