Residence homestead exemptions and other exemptions - Fraud Alert

It's that time a year when you can now file for homestead exemptions. Please be advised that you might qualify for a tax exemption and it’s now time to apply. Below you will find further details on this discount and the link for the necessary forms. This process is FREE. Do not fall for scammed that will ask you for a filing fee.

Applications for the Homestead Exemption must be filed between January 1st and April 30th.  The process is easy, FREE and it will save you money on property taxes so don't delay!  There is no need for you to pay anyone for this service.  If you bought a home recently, most likely, you will receive offers from vendors that appear to be very "official" offering to file your application for a fee.  You need not pay anyone for this service and the county appraisal offices do not charge any fees.

Please note that In order to qualify for the exemption, you must provide:  A copy of your Texas Drivers license or Texas State ID card.  The address on the license or card must match the physical address to your residence for which you are applying.

**the over 65 exemption can be obtained as soon as you turn 65. There is no deadline for this exemption.

POSSIBLE EXEMPTIONS

Property Tax Exemptions for Homeowners

A homestead exemption helps you save on taxes on your home. An exemption removes part of the value of your property from taxation and lowers your taxes. For example, if your home is valued at $100,000 and you qualify for a $20,000 exemption, you pay taxes on your home as if it was worth only $80,000.

An Application for Residential Homestead Exemption (same form for over-65, disability, over-55 surviving spouse, or 100% disabled veteran homestead exemptions) can be found at the Forms Page under the Residential Exemption Section (11-13). 

http://www.window.state.tx.us/taxinfo/taxforms/50-114.pdf

Application Deadlines

You should file your regular residential homestead exemption application between January 1 and April 30. Early applications will not be accepted. If your application is postmarked by April 30, this will allow the district time to process it before your tax statement comes out in the fall. If you miss the April 30th deadline you can still apply:

For a general exemption: up to one year after the date taxes became delinquent for the year (usually February 1 of the year following the tax year).

For an over-65 or disabled person: if you turn 65, become totally disabled, or acquire a property during the year, you can apply and have the over-65 or disability exemption activated for that year. The deadline to apply for an over-65 or disabled person’s exemption for the year in which you qualify is the first anniversary of the date you qualify. In other words, you have one year from the date you qualify to apply. For example:

1. If you are already qualified and you purchase a different home, you have one year from the date you occupy the new home to apply.
2. If you turn 65 during the year, you have until your 66th birthday to apply for the year in which you turn 65.
3. If you become disabled during the year, you have one year from the date you became disabled to apply.

Otherwise, the deadline for applying for the over-65 or disability exemption is the same as the deadline given above.

Homestead Cap

An additional benefit of the general homestead exemption, especially in an appreciating housing market, is the homestead cap, or limitation on increases in appraised value. The cap applies to your homestead beginning in the second year you have a homestead exemption. The cap law provides that if you qualify, the value on which your taxes will be calculated (called your appraised value) cannot exceed the lesser of:

1. This year’s market value; or
2. Last year’s appraised value, plus 10% plus the value added by any new improvements made during the preceding year.

If homes are appreciating at more than 10% per year, the cap can provide substantial tax savings. For more information, click on the following link: Discussion on Capped Values.

Over-65 Homeowners

A person who is 65 or older may receive additional exemptions. You are eligible for these exemptions as soon as you turn 65; you don’t need to be 65 as of the first of the year to apply. School districts automatically grant an additional $10,000 exemption for qualified persons who are 65 or older. An additional advantage of the over-65 exemption is the school tax ceiling. Once you qualify, your school taxes will not increase unless you make improvements to the home. Cities, the county, and other taxing units may, but are not required to, offer over-65 homestead exemptions of at least $3,000 and sometimes much more. Call the Harris County Appraisal District at the numbers listed on the contact page to determine what taxing units in which your home is located offer an over-65 homestead exemption. You can also find this information on our website by going to the page for your account and clicking the blue word “Jurisdictions” in the heading of the table of jurisdictions. We also can send you a pamphlet on disability exemptions.

Homeowners with Disabilities

A person with a disability also may get exemptions. "Disabled" means either (1) you can't engage in gainful work because of physical or mental disability or (2) you are 55 years old and blind and can't engage in your previous work because of your blindness. If you receive disability benefits under the federal Old Age, Survivors and Disability Insurance Program administered by the Social Security Administration, you will qualify.

Disability benefits from any other program, including a disabled veterans' pension, do not automatically qualify you for this exemption. You may need information on disability ratings from the civil service, retirement programs or from insurance documents, military records or a doctor's statement. Also read information about the disabled veterans' exemption.

If you qualify as a disabled person, you can receive a $10,000 exemption for school taxes, in addition to the $15,000 exemption for all homeowners. And, any taxing unit can offer an exemption of at least $3,000 from the home value of disabled homeowners. Disabled homeowners also qualify for a school tax ceiling, the same as for those who are over-65.

Call the Harris County Appraisal District's Telephone Information Center at the numbers listed on the contact page to determine what taxing units in which your home is located offer a disability homestead exemption. We also can send you a pamphlet on disability exemptions. Discussion on Disability Exemptions.

100% Disabled Veteran’s Homestead Exemption

You can qualify for this exemption on your homestead if you have a disability rating of 100% or individual unemployability from the Veterans' Administration and you receive 100% disability payments from the VA. Your disability must be service connected. If you qualify, 100% of the value of your residence homestead will be exempted.

IIf you have any questions or if you would like assistance in buying, selling or renting give me a call. I'm happy to help.

Ali Palacios, ABR, MCNE, TAHS
Realtor
Today's Home Realty
ali.palacios@todayshomerealty.com
Mobile - 832-418-0670
Fax - 832-201-7492
www.todayshomerealty.com
www.ilovehappyclients.com

9119 Hwy 6 S #230-116, Missouri City, TX 77459


Home buyers and sellers beware: http://homes-sale-richmond-texas.blogspot.com/2016/02/home-buyers-and-seller-beware-wire.html
Rental fraud alert: http://homes-sale-richmond-texas.blogspot.com/2016/02/rental-fraud-alert-texas-luz-astacio.html

About me: http://www.ilovehappyclients.com

Professional Memberships:

• Houston Association of Realtors®

• Texas Association of Realtors®

• National Association of Realtors®

• Accredited Buyer’s Representative – ABR

• Master Certified Negotiation Expert – MCNE

• Accredited Staging Professional – ASP®

• Texas Affordable Housing Specialist – TAHS

• Women’s Council of Realtors®

• National Association of Gay & Lesbian Real Estate

Hablo Español