Here in Texas, we have this little thing called a Homestead Exemption that can save you thousands on your property taxes. So, to help those who are new the Lone Star State, here’s a few tid bits of information to help guide you through the filing process.
How Property Taxes Are Calculated in Texas
The Appraisal: A property’s appraised value is determined annually by the county appraisal district, also referred to as (CAD).
The Math
The General Homestead Exemption
All home owners are go given a $25,000 exemption from their home’s value for taxation purposes.
For example, if your home is appraised at $200,000 then you will pay taxes as if it were worth only $175,000.
Qualifications for Claiming a General Homestead Exemption
In order to claim a general residence homestead exemption, the property owner must:
- Have owned the property as of January 1st of the tax year.
- Be an individual person (i.e. not a corporation or business entity).
- Use the property as their primary place of residence.
- Not be claiming homestead exemption on another property.
Applying for a Homestead Exemption
- Go to your CAD’s website and submit your homestead exemption application online. Here in Central Texas, Travis, Hays, and Williamson Counties all accept online applications.
- Travis County: traviscad.org
- Hays County: forms.hayscad.com
- Williamson County: wcad.org
- You are required to submit a copy of your Texas driver’s license and ID card with your application, showing that your home address matches the property address.
- Applications must be submitted on or before April 30th of the year for which the exemption is requested.
- Once you receive the exemption, you do not need to submit the application again. There is no need to reapply unless the chief appraiser requests it.
