Can/Should I homestead if new tax values are less than purchase price? (credit, house)

[camelian]

Hi all,

I purchased my house in September of last year. I've been getting my documents ready for the homestead exemption.
I got my 2012 values in the mail the other day and my tax value dropped below the purchase price.

How does homesteading work if the purchase price last year was higher than tax value for 2012? If I homestead, would it increase the tax value for the year?

[FalconheadWest]

The Homestead Exemption has nothing to do with the actual tax assessment. The Homestead Exemption protects your property from outside creditors. For example, if someone tries to sue you, they could go after your house if it's an investment property or second home, but if it's your primary residence, you're protected.

[TexasHorseLady]

It also limits the increase to 10% annually, a protection non-homesteaded properties don't have.

[Trainwreck20]

Always homestead. Never give the price if assessment is lower.

[owlman]

You don't have to give the purchase price when you file for the homestead exemption.

[sanmiguel]

Originally Posted by TexasHorseLady

It also limits the increase to 10% annually, a protection non-homesteaded properties don't have.

TexasProTax had been representing us but recently sent out letters changing the terms and conditions. Because we have both the homestead and 65+ exemptions, we will now be required to pay a $100 administrative fee in addition to the contingency rate based upon the tax savings they are able realize on our property. Last year, with those exemptions on file, they weren't able to even meet their overhead costs.

[G Grasshopper]

You don't need to go through a middle man to claim homestead exemption. We did it, and also got the disability exemption, just working through the tax office.

[TexasHorseLady]

Absolutely do NOT go through a middle man - those are scams. (Now, using a professional to protest your taxes, which is what I understood sanmiguel to be referring to is another thing - we don't, but I'm an agent.)

All you have to do to get your homestead exemption is print out the form found on the tax appraisal office's website and send it in, for the price of the paper and ink to print it out on your home computer and the envelope and stamp to mail it in.

[hoffdano]

1. Go to link below:

http://www.traviscad.org/pdf/Forms/E...lHomestead.pdf

2. Complete form.

3. Mail it in.

That's it. Assessed/appraised values don't matter. Don't pay anyone to do this.

[camelian]

The unfortunate thing I'm dealing with is that my vehicle is registered to another location (my parents house). I sent in a form to change it months ago and never heard back. Anyone know any way around this? Does the exemption need to be sent by the 30th?