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Old 11-26-2007, 10:05 PM
 
Location: NW Austin
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Wondering how much you save on your property taxes with the homestead exemption? Anyone have any ballpark figures?
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Old 11-26-2007, 10:13 PM
 
Location: Austin, TX
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~2.75% of $15,000. So that comes out to around $337 or something like that.
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Old 11-27-2007, 01:10 AM
 
Location: Austin, TX
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That's right, it's just about $300 - $400 off your total tax bill. However, the real savings are that the property appraisal amount that you are taxed on cannot rise more than 10% a year. So, if property values skyrocket, you won't get hit with a huge increase in one year...

Of course, when you buy a property, if the previous owner had the homestead and a much lower taxable appraised value, you will get hit with that increase the first year. But after that, the homestead exemption gives you some protection.
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