Homestead Exemption

homestead exemption property tax

Homestead Exemption Frequently Asked Questions

It’s Homestead Exemption time. For those of you who made primary home purchase in 2014 or moved your homestead in 2014? Don’t wait! It’s time to reap the tax benefits for your new home.

What is a general homestead exemption?

According to the Travis County Appraisal District: The general homestead exemption is provided by state law for owner-occupied residential properties. The exemption removes a portion of your value from taxation providing a lower tax amount for the homestead property.

In other words, they help reduce property taxes for all homeowners by sheltering a certain amount of a home’s value from tax. It was designed to protect the value of a homes of residents from property taxes, creditors, and circumstances arising from the death of a homeowner spouse.

Ever wonder how the exemption was created?

It is a state constitutional law that dates back to 1839 due to home foreclosures caused by the great depression in 1837. According to the Texas State Historical Association, these exemptions have two key components: a special protection given to the home of a family or a single adult from the owner’s creditors, and favorable tax exemption came about separately to create the law as we know it today.

Is that all? 

Also, there a host of other exemptions for which you may qualify like over 65 or if you have disabilities. Check out both Travis and Williamson counties below or google your county’s central appraisal district.

If you have any questions or need additional information, contact me now.

 

 

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

© Joel Richardson. All Rights Reserved. | This website is operated by Joel Richardson, who is currently an employee of VeraBank, N.A. (“VeraBank”) The views expressed on this website are not necessarily those of VeraBank. This website also has its own privacy policy, which may differ from VeraBank’s privacy policy. VeraBank makes no express or implied warranty regarding the information or data on this website, and hereby expressly disclaims all legal liability and responsibility to persons or entities who use or access this site and its content, based on their reliance on any information or data that is available through this website. Joel Richardson has sole responsibility for the information and data on this website. Deposit and loan products described on this website are offered through VeraBank, Member FDIC. To visit VeraBank’s website, here.