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A property tax exemptions can lower your property tax bill and are generally easy to apply for. Most areas offer a variety of exemptions for which homeowners may qualify for and apply.
What do Exemptions do?
In many instances they reduce the taxable value of your home. For instance, if your home is worth $200,000 and you get a $20,000 exemption, you’ll only be taxed on $180,000. In some cases the exemption(s) may also reduce the amount your tax appraised value may increase by. This is great news for owners living in areas where values may increase quickly, like in Austin, TX.
Types of Exemptions & Who Qualifies:
General Homestead: Available to homeowners using the property as their main residence.
Senior or Disabled Person: For seniors or individuals with disabilities.
Veteran’s: For veterans or their surviving spouses, providing significant tax reductions.
How to Apply:
Check Eligibility: Verify if you qualify.
For Homestead Exemptions, you will need to update your ID to have your new home address.
Apply for the Exemption: Submit your application to your local tax assessor’s office with proof of residency and required documents.
Review Your Assessment: Check your property tax bill to ensure the exemption is applied correctly.
Stay Updated: Be aware of any changes in laws or regulations and renew your exemption as needed.
Where to Start:
For the most up-to-date information regarding property tax exemptions, check your city or county tax assessor website. If you are in the Austin Area, here are website resources by county:
An exemption makes homeownership more affordable and helps protect against rising property taxes. If you have questions, you can always send me a DM or call at 714-443-1685. I'll be happy to help.
Disclaimer: This blog is for educational purposes only. This is not intended to be legal or financial advice.
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