Is the property tax exemption 15% or $15,000? (Dallas, West: homes, schools, community college)

[mikejj2004]

I thought it was $15,000 then I look on dcad and people have huge exemptions for example:

Exemptions
City School County College Hospital Special District
Taxing Jurisdiction DALLAS DALLAS ISD DALLAS COUNTY DALLAS CO COMMUNITY COLLEGE PARKLAND HOSPITAL UNASSIGNED
HOMESTEAD EXEMPTION $3,437,755 $1,733,877 $3,437,755 $3,437,755 $3,437,755 $0
Taxable Value $13,751,021 $15,454,899 $13,751,021 $13,751,021 $13,751,021 $0

[lpepping]

The answer is it depends.

http://dcad.org/forms/09estrat.pdf

[FalconheadWest]

The taxable value can only go up a max of 10% a year. Thus, if the home's value is assessed at such and such price and it's significantly higher than the previous year, the "taxable value" is going to show a lower number. That has nothing to do with the exemptions for schools or homestead or anything else.

[TriumphOfTheSprint]

Originally Posted by FalconheadWest

The taxable value can only go up a max of 10% a year. Thus, if the home's value is assessed at such and such price and it's significantly higher than the previous year, the "taxable value" is going to show a lower number. That has nothing to do with the exemptions for schools or homestead or anything else.

Except that the homestead exemption is the *reason* that the taxable value can only go up 10% per year. If you don't have the homestead on file, then the taxable value can go up any amount to match the assessed value.

A very good reason (aside from the exemption $$) to file for homestead as soon as possible.