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Residence Homestead Tax Exemption…and others

CLICK HERE Info on How To File For Homestead Tax Exemption + Other Exemptions

First… What is A Homestead?

A homestead is a person’s or family’s primary residence, in which the person’s or family resides in and not considered a second home. A second home is a rental/investment property or a vacation home but not the primary residence.

A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.

Frequently Asked Questions

Does it cost to file for a homestead exemption? 

No it is FREE. You may receive some very official looking mail after you have closed on a home saying they will file for you – for a FEE, however it is very easy for the homeowner to file and it is FREE.

Do I, as a homeowner, get a tax break from property taxes?

You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home’s value from taxation, so they lower your taxes.

For example, your home is appraised at $100,000, and you qualify for a $15,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $85,000. Taxing units have the option to offer a separate exemption of up to 20 percent of the total value.

Do all homes qualify for homestead exemptions?

No, only a homeowner’s principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home’s owner must be an individual (for example not a corporation or other business entity) and use the home as his or her principal residence on January 1 of the tax year. If you are age 65 or older, or disabled, the January 1 ownership and residency are not required for the age 65 or disabled homestead exemption.

What homestead exemptions are available?

There are several types of exemptions you may receive.

School taxes: All residence homestead owners are allowed a $15,000 homestead exemption from their home’s value for school taxes.

County taxes: If a county collects a special tax for farm-to-market roads or flood control, a residence homestead is allowed to receive a $3,000 exemption for this tax. If the county grants an optional exemption for homeowners age 65 or older or disabled, the owners will receive only the local-option exemption.

Age 65 or older and disabled exemptions: Individuals age 65 or older or disabled residence homestead owners qualify for a $10,000 homestead exemption for school taxes, in addition to the $15,000 exemption for all homeowners. If the owner qualifies for both the $10,000 exemption for age 65 or older homeowners and the $10,000 exemption for disabled homeowners, the owner must choose one or the other for school taxes. The owner cannot receive both exemptions.

Optional percentage exemptions: Any taxing unit, including a city, county, school, or special district, may offer an exemption of up to 20 percent of a home’s value. But, no matter what the percentage is, the amount of an optional exemption cannot be less than $5,000. Each taxing unit decides if it will offer the exemption and at what percentage. This percentage exemption is added to any other home exemption for which an owner qualifies. The taxing unit must decide before July 1 of the tax year to offer this exemption.

Optional age 65 or older or disabled exemptions: Any taxing unit may offer an additional exemption amount of at least $3,000 for taxpayers age 65 or older and/or disabled.

How do I get a general $15,000 homestead exemption?

You may file an Application for Residential Homestead Exemption with your appraisal district for the $15,000 homestead exemption up to one year after the taxes on the homestead are due. Once you receive the exemption, you do not need to reapply unless the chief appraiser sends you a new application. In that case, you must file the new application. If you should move or your qualification ends, you must inform the appraisal district in writing before the next May 1st. A list of appraisal district addresses and phone numbers is available online.

What is the deadline for filing for a homestead exemption?

APPLICATION DEADLINES: You must file the completed application with all required documentation beginning Jan. 1 and no later than April 30 of the year for which you are requesting an exemption. If you qualify for the age 65 or older or disabled persons exemption, you must apply for the exemption no later than the first anniversary of the date you qualify for the exemption.

May I continue to receive the residence homestead exemption on my home if I move away temporarily?

If you temporarily move away from your home, you may continue to receive the exemption if you do not establish a principal residence elsewhere, you intend to return to the home, and you are away less than two years. You may continue to receive the exemption if you do not occupy the residence for more than two years only if you are in military service serving outside of the United States or live in a facility providing services related to health, infirmity or aging.

If I own only 50 percent of the home I live in, do I qualify for the residence homestead exemption on the home?

Yes. However, if you qualify for a homestead exemption and are not the sole owner of the property to which the homestead exemption applies, the exemption you receive is based on the interest you own. For example, you own a 50 percent interest in a homestead and will receive one half, or $7,500, of a $15,000 homestead offered by a school district.

My APPRAISAL Is TOO HIGH….PROTESTS AND APPEALS

Many homeowners protest and appeal their appraised home values yearly. Find out more here.

WEBSITE LINK:

http://www.window.state.tx.us/taxinfo/proptax/exemptions/residence_faq.html

Source: Texas Comptroller of Public Accounts

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What is Earnest Money?

OneToFour-EarnestMoney-BlogPost

We get many questions about option money and earnest money when writing a One to Four Residential Family Contract for our buyers. Today we are going to discuss earnest money.

This video helps to explain earnest money in more detail. It is just one thing among many of the negotiable aspects of the contract. Please watch the video provided by Allegiance title below to help explain what earnest money is and isn’t.

When Buyers and Sellers are reviewing the many components of a One to Four Residential Family Contract it is important they are educated and informed by their REALTOR® such that they understand their obligations as this is a legal and binding contract. We want all our clients to understand that using a REALTOR® who is looking out for their best interest and well educated about the contract is of utmost importance to us and our service to them.

ZIPCODE Lookup

bird flock pigeon wonderful picture

Do birds of a feather flock together?

The complete proverb is Birds of a feather flock together, and it means ‘people who have similar characters or similar interests will often choose to spend time together’. So does this determine where you will live or spend your time when you purchase a home? Location, Location, Location…Zipcode, Zipcode Zipcode…the answer is, probably to some degree.

Ever wonder what the zip code says about you? Why do you live where you live? Is it because of the location, amenities and those of like minds…

Click here and type in your ZIP Code to see demographic and lifestyle information about your neighborhood.

As REALTORS® we are held to a standard

We have a duty to our clients and customers, duties to the public and duties to other realtors. Here at Triple Crown Realty DFW we are very serious about our duties! We are proud to be equal opportunity professionals.

What Everyone Should Know About Equal Opportunity Housing

We agree to:

  • Provide equal professional service without regard to the race, color, religion, sex, handicap, familial status, national origin or sexual orientation of any prospective client, customer, or of the residents of any community.
  • Keep informed about fair housing law and practices, improving our clients’ and customers’ opportunities and our business.
  • Develop advertising that indicates that everyone is welcome and no one is excluded;, expanding our client’s and customer’s opportunities to see, buy, or lease property.
  • Inform our clients and customers about their rights and responsibilities under the fair housing laws by providing brochures and other information.
  • Document our efforts to provide professional service, which will assist us in becoming  more responsive and successful REALTORS®.
  • Refuse to tolerate non-compliance.
  • Learn about those who are different from us, and celebrate those differences.
  • Take a positive approach to fair housing practices and aspire to follow the spirit as well as the letter of the law.
  • Develop and implement fair housing practices for our firm to carry out the spirit of this declaration.