Now is the time to file your Texas Homestead Exemption form if you closed on your home in 2016. It is also the time to start getting your tax information ready.
If you own a residence in Texas, you may be able to receive a homestead tax exemption. 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. To receive this exemption, you must meet certain criteria and complete required paperwork. Here is a form that will assist you with this.
You should file your regular residential homestead exemption application between January 1 and April 30. 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 just contact your Central Appraisal District for instructions.
You were provided a copy of your closing statement at your new home’s closing in 2016 and will need it for your 2016 taxes. We have emailed our clients a copy, but if you cannot locate your copy your agent, title company or lender should be able to provide you one.