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What You Need to Know for Your Homestead Exemption

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Homestead Exemption

We know this is the time of year when everyone starts to compile their information for Uncle Sam. One of the great benefits of owning a home is being able to take advantage of the tax exemptions associated with homeownership, such as your homestead exemption. We've compiled everything you need in one place to make sure you reap this great benefit. Just make sure you file before April 30th.

We thought it might help to know what steps to take to file for your homestead. If you were a client of ours this year, you’ll be receiving a copy of your final signed Settlement Statement from your property sale in 2020 so you don’t have to hunt for it. Also, if you now own a different home for 2021, you may be eligible for a Homestead Tax Exemption moving forward. Below are some contact numbers for each county so you can determine if you are eligible for these tax savings.

What does it mean to have a homestead tax exemption and why should you file for it?

A homestead tax exemption is designed to reduce the taxable value of your property, which in turn reduces the amount of taxes you pay on your home annually. Below, we’ll discuss further what this means and how to successfully claim it for your Texas home.

PROPERTY TAXES:

Real Estate is taxed each year by a variety of jurisdictions in your area-typically, a county, city and school district tax property. Hospital, community college or other special taxing districts may levy additional taxes. Under the present property tax system, the determination of property values is the responsibility of an appraisal district. To learn which jurisdictions tax your property, contact the appraisal district in your county from the following list:

Collin County Appraisal District: 469-742-9200
Dallas County Appraisal District: 214-631-0910
Denton County Appraisal District: 940-349-3800
Rockwall County Appraisal District: 972-771-2034
Tarrant County Appraisal District: 817-284-0024

Your property is assigned a single appraised value, which is sent to all applicable taxing jurisdictions. The jurisdiction then applies the tax rate, as set by its governing body, to the appraised value.

EXEMPTIONS:

Several forms of tax relief are available in Texas. Among these are various exemptions, which may reduce the taxable value of your property. Applying for exemptions is the taxpayer’s responsibility. It is also important to be wary of imposters and scammers claiming to file on your behalf. You can file easily, and FOR FREE, on your county’s CAD website using the links below. 

Some exemptions require new applications each year. Contact your appraisal district to learn more about the following exemptions:

General Homestead Exemption

Over 65 Exemption 

Disabled Individual Exemption

Disabled Veteran Exemption

 *Open Space Exemption

*Agricultural Land Exemption

*Residency not required

Information and exemption forms may also be available online using the following websites:

Collin County: www.collincad.org
Dallas County: www.dallascad.org
Denton County: www.dentoncad.com
Tarrant County: www.tad.org
Rockwall County: www.rockwallcad.com

On January 1st, value, ownership, legal description of the taxable property and exemption status on the taxpayer are determined. To receive your exemption(s), you must own and occupy the property as of January 1st. You must apply for the appropriate exemptions on or before April 30th to receive the tax benefits for that year.

We hope this information makes filing your Homestead exemption easier. If you have any questions, simply fill out the form below or give us a call at 972-608-0777. Happy filing!

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