How to figure out your property taxes with homestead removed? (Lakeway: 2015, foreclose)

[dearmschris]

Hi! There is a homestead exemption on a home in Lakeway. How do we figure out what the taxes would be with that exemption removed?

[Aquitaine]

On the TCAD website, I think it will show you appraised value and taxable value. Appraised value is whatever they say it is. Taxable is with the exemption.

Underneath that is 'value without exemptions.'

Travis Central Appraisal District

[10scoachrick]

Originally Posted by dearmschris

Hi! There is a homestead exemption on a home in Lakeway. How do we figure out what the taxes would be with that exemption removed?

Might be more than one question here. The homestead exemption goes with the homeowner, so the exemption would be lifted as soon as the homeowner sells or places another home into that category(again for them, not for the house). It could take a year for things to wash out; but the selling price of the home will have a direct bearing on the 'new' tax amount; so the current tax may or may not give a fair estimate of the taxes to be paid by the new owners.

...or so I understand.

[gator24765]

I just recently got my homestead exemption and now my loan company is requiring the updated tax bill. I got my official notice of appraisal but do you know when the county actually sends out the official tax bill?

My loan company will not accept the appraisal and estimated tax.

[Trainwreck20]

Tax bill is not mailed until late November, I think.

Btw, if you already have your loan (assuming you must), tell your loan company to take a hike. If they want more explicit tax data, tell them to go get it.

[Aquitaine]

I don't think they send the bill until November or early December.

[gator24765]

Originally Posted by Trainwreck20

Tax bill is not mailed until late November, I think.

Btw, if you already have your loan (assuming you must), tell your loan company to take a hike. If they want more explicit tax data, tell them to go get it.

Thanks, I guess I am just a bit confused at the process since this is my first home.

I purchased in July 2015 and applied for the homestead in January 2016. My first appraisal didn't have it updated and I just now in May got the homestead applied.


They way I feel is that I am missing out on a full year of tax benefits.

[Trainwreck20]

Originally Posted by gator24765

Thanks, I guess I am just a bit confused at the process since this is my first home.

I purchased in July 2015 and applied for the homestead in January 2016. My first appraisal didn't have it updated and I just now in May got the homestead applied.


They way I feel is that I am missing out on a full year of tax benefits.

Long ago, in a galaxy far away....most people paid their own taxes at the end of the year. Then, putting taxes in escrow with your monthly payments became an option. That option got to be more and more popular, but not really 'required' until the last 10 years or so, I would guess. I seem to recall that not all lenders 'required' it, but just penalized your interest rate by a quarter point or whatever. I understand the lenders point of view that if you don't pay your taxes and the city was to foreclose on the house, then the lender is the one really on the hook; however, since I am assuming your taxes are going to go down due to HSE, I suppose they could just leave the escrow taxes as they are and then reimburse you at the end of the year. They have to do that all the time, since taxes changes yearly.

[FalconheadWest]

Originally Posted by 10scoachrick

The homestead exemption goes with the homeowner, so the exemption would be lifted as soon as the homeowner sells or places another home into that category(again for them, not for the house).

This is technically inaccurate. Yes, it's a home owner that applies for the homestead exemption, but if there is an exemption on the house when it sells, it grandfathers thru the rest of the year. The new home owner definitely gets the benefit that year, even if closed in January or February. Then the new home owner needs to apply themselves come January the next year.

Originally Posted by gator24765

I just recently got my homestead exemption and now my loan company is requiring the updated tax bill. I got my official notice of appraisal but do you know when the county actually sends out the official tax bill?

Tax bills come out in October. Sometimes they run a little into November if they're waiting on a tax rate to be set through a November election, but October is when they are to come out. If you have an escrow account, the bank usually pays your taxes in December. If you pay them yourself, you have until January 31 the next year to pay before they're "late".

[heather121]

Originally Posted by FalconheadWest

This is technically inaccurate. Yes, it's a home owner that applies for the homestead exemption, but if there is an exemption on the house when it sells, it grandfathers thru the rest of the year. The new home owner definitely gets the benefit that year, even if closed in January or February. Then the new home owner needs to apply themselves come January the next year.

This is not true, at least not in Travis County. I bought in late January 2015 and the previous owner's homestead exemption did not get grandfathered to me for 2015. My realtor and title agent told me what you said (that it would be grandfathered) but when I asked TCAD, they specifically stated that it did not transfer with the property and that I had to apply for it in 2016.