How to calc prop tax on home you are buying

[TurtleCreek80]

Originally Posted by bencronin04

Sorry to thread jack, but if we closed on our house on 12/31/15, do we file for a homestead exemption now or wait until next year?

Now! You must be in the home by Jan 1 to claim for the current year.

[bencronin04]

Originally Posted by TurtleCreek80

Now! You must be in the home by Jan 1 to claim for the current year.

We are, but on DCAD it still has the seller listed on the property.

[TurtleCreek80]

Originally Posted by bencronin04

We are, but on DCAD it still has the seller listed on the property.

It will update soon. Dcad paperwork just takes a while to hit the site, but it will show your purchase date as 12/31/15 if that's when you closed. Do wait until your name is on the property to file your homestead. Think you have until April to do so for this year.

You basically just write in the date you took occupancy and sign the paper. NBD.

[bencronin04]

Originally Posted by TurtleCreek80

It will update soon. Dcad paperwork just takes a while to hit the site, but it will show your purchase date as 12/31/15 if that's when you closed. Do wait until your name is on the property to file your homestead. Think you have until April to do so for this year.

You basically just write in the date you took occupancy and sign the paper. NBD.

Perfect, thank you!

[pistisan]

Originally Posted by gocubs418

All,

I believe I know the answer to this question, however, I just wanted to be very clear before I purchase.

I am looking at a home for $350k and the total tax rate is 2.25 for example purposes.

The house was recently appraised for $270k so the tax bill is $6075.


If I purchase the home for $350k, will my tax bill be calculated off of the $350k tag or $7,875 (before homestead exemptions which is practically nothing.)

Thanks!

You have summarized this fairly accurately. The tax office will know the house sold for $350K if this was sold through MLS, and you can argue your home worth less but still wont change anything and will be paying for $350K minus exemption.


Your neighbors may have better and larger homes and still pay less tax than you.