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Old 12-08-2014, 10:25 AM
 
86 posts, read 116,745 times
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Havent seen a thread on this, so here it goes...

I bought my house in late 2013. So after about 40% increase in 2013 vs 2012, I received homestead in 2014. This year's increase is 7%. Biggest % of increase is HCC, followed by Harris County and HISD.

Property info: inside the loop, single family, 1950 construction
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Old 12-08-2014, 10:37 AM
 
86 posts, read 116,745 times
Reputation: 49
When does HCAD do the sweep of the transactions that took place in 2014? For instance..
One of my neighbor moved and leased out their house, HCAD still show homestead in the leased house.
Another neighbor had a private part transaction four months ago, HCAD shows 65+ and homestead still in effect. (This is more than 10k savings in tax if the house is adjusted to current market value and w/o homestead!!)
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Old 12-08-2014, 10:40 AM
 
Location: New Caney, TX
672 posts, read 847,445 times
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Being new to the area, and a renter, would you be able to explain to me what "homestead" means. We plan on buying a house next year so I'm curious, thanks.
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Old 12-08-2014, 10:42 AM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,736,420 times
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Homestead changes are adjusted the following year. Your homestead is a house that you both own and use as your primary residence (as opposed to rental or investment property you own) and there are some tax advantages to a homestead that vary by jurisdiction.
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Old 12-08-2014, 10:34 PM
 
Location: Houston, TX
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If you own your dwelling on January 1st, you can qualify for a 'homestead exemption' on the primary dwelling. I roughly estimate it at 20% savings.
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Old 12-09-2014, 08:58 AM
 
1,835 posts, read 3,266,727 times
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The homestead does two things...1) It caps your appraisal increase at 10% per year, even if the market price exceeds 10% and 2) some school districts give you a discount on your cap as well....SBISD for instance gives you a 20% discount on your appraised value for school taxes.
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Old 12-09-2014, 12:52 PM
 
23,974 posts, read 15,082,290 times
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The taxes are set January 1. If the house sells, or rents, the taxes are whatever they were until the next January 1.
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