Helpful Info. To Lower Houston Property Taxes (how much, new home)

[Jamesww]

Texas Homestead Exemption


A homestead exemption reduces taxes by lowering a home's taxable value. All school districts offer a $5000 homestead exemption, and some taxing units offer a percentage exemption of up to 20% of a home's assessed value. Homeowners can lower their property taxes by applying for these exemptions for which they are eligible. You must OWN your own home and occupy it as your principle residence on January 1. You can have only ONE principle residence and ONE homestead exemption.
Homeowners who are 65 yrs or older on January 1 are also entitled to an over 65 homestead exemption of $10,000 for school tax purposes. Once you receive an over 65 homestead exemption, you automatically qualify for a tax ceiling on your school taxes. If you don't add any improvements, your school taxes will never increase from the amount you owed when you first qualified, even if the assessed value of the home increases.
When a homeowner who has been receiving the school tax ceiling dies, the ceiling amount will transfer to the surviving spouse if the survivor is 65yrs or older. The surviving spouse must apply to the appraisal district for the tax ceiling, it will NOT transfer automatically.
A homeowner who meets the definition of a totally disabled person under state law on January 1, ordinarily qualifies for a disability homestead exemption. (You may NOT claim BOTH over 65 and disabled person exemptions.
A special form is needed to apply for homestead exemptions. The form must be completed and returned to the appropriate appraisal office not before January 1 but no later than April 30.
Once you receive a homestead exemption, you will not need to apply again unless the appraisal office asks you to do so in writing. If you move to a new home, you will need to file a new application. If you pass your 65th birthday before January 1, you will also need to file a new application.

[tstone]

I thought everybody who owned a house knew and did this already???

[Beto]

Originally Posted by tstone

I thought everybody who owned a house knew and did this already???

Not all people are well informed when they buy there first home. .

[Mom2Feebs]

^^^^ Boy, ain't that the truth. We've seen lots of those threads here just asking what the heck it is!!

[tstone]

It's sad how much research is not done by some. Makes me wonder who else is pinching the fruit off their trees without them even noticing.

Our realtor actually told us about this and was nice enough to mail us the form to file a few days after we settled in.

See Momma, I said it myself -- they're not all bad!

It pays multiple ways to do thorough research.

[EasilyAmused]

Every closing I've ever done, the agent and the title personnel has put a copy of the Homestead form in my paper work packet.

[SkyeAnjel]

I must be mistaken...Did tstone actually say a realtor was ...helpful?? I must be coming down withthe flu..hallucinations and all..

[tstone]

Originally Posted by SkyeAnjel

I must be mistaken...Did tstone actually say a realtor was ...helpful?? I must be coming down withthe flu..hallucinations and all..

Maybe the hallucinations were from the flu meds? Cough syrup? Yeah, our realtor was helpful. You think I woulda paid someone a hefty commission for anything less than 100% honest and helpful? Gee, such a novel thought!!!

[SkyeAnjel]

LOL! You are funny tstone! I'll bet your realtor earned every cent!

[Mom2Feebs]

^^^ Oh you know it!!

Kiddin', tstone!