Some people do not know what is included in the sale or purchase of a home. See a quick summary.
To learn more about eXp Realty. There are meetings Mon-Fri and Saturday that you can attend in the privacy of your own home. The meetings are about 35-45 minutes and at the following times:
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.
Many homeowners protest and appeal their appraised home values yearly. Find out more here.
Click on your area for the statistical sales data for your area…we were curious too!
Information provided by the Research division of the National Association of REALTORS®
Here at eXp Realty, we are growing like crazy..agents are learning, researching and understanding the great benefits available to not only their clients but to their businesses as well. It’s not for everyone but for those of you smart enough to see the advantages like we did, it was a no brainer. Fellow agents are always asking us “why did you leave your previous broker?”… to be completely truthful we really liked our previous broker and would have stayed if all things were equal. But all things weren’t equal. We are all in business to be successful, to help our clients, to be the best professional consultants, negotiators, and overseers of the details for those who hire our services and of course to make a living. eXp provides the most technological, innovative and cost effective broker platform to grow your real estate business to the next level.
eXp Realty, LLC was not even on our radar until we were invited to an event given by a local brokerage, who were hosting a former Keller Williams guru, by the name of Rob Flick. Rob was a very successful superstar at KW but saw what eXp was doing and jumped all in. Then we met Gene Frederick who was also a KW superstar, very successful and grew the Dallas area, he even had multiple KW franchises; yet, he too saw the advantages of eXp, sold his franchises and moved over to eXp. What they saw, what many other realtors and brokers saw, and we see is the new generation of real estate…. cloud based brokers and platforms. eXp is to the traditional brokers as Netflix is to Blockbuster or Uber is to Yellow Cab. Don’t be left behind.
If you are an agent, broker or someone considering a career in real estate you need to eXplore eXp and we would like to introduce you to eXp World. Contact us below and we will show you more.
or check out the eXp Fact Sheet
If you’re looking to “eXplode your Real Estate Career” by taking your Real Estate business to a Higher Level, then this is a MUST for you to attend. Find out why thousands of Brokers and Agents across the Country are joining eXp Realty.
Let us know when you’re ready to “SELECT A DATE” and we will join you in the CLOUD.
eXp is An Agent Owned Cloud Based Brokerage; what that means is that our Brokers work, attend classes, strategize, collaborate, innovate, enjoy water-cooler chats, build teams, build unity and share experiences inside of our Cloud Office Environment.
WHY EXP REALTY?
For more info on eXp Realty:
“eXp Realty continues to attract increasing numbers of top agents who are entrepreneurial in their approach to the business and who recognize agent ownership as a fundamental shift in the way in which real estate professionals are valued as partners,” said Company Founder and CEO, Glenn Sanford. “The Company is excited about its current growth trajectory and is continually looking to attract high-quality professionals to the brokerage.”
eXp Realty LLC, the Agent-Owned Cloud Brokerage® is a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an aggressive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.
When you’re ready, take a stroll through campus and we will be your tour guide which gives you a peek into how our cloud campus works and how easy it is to be productive by visiting the classes and departments in the cloud, your doubts about this business model will change and we are excited to share a part of what we do. EXP World and create your own Avatar and attend the “eXp Eplained” Webinar. The Webinar is given every Wednesday and Friday from 12:00pm – 1:15pm CST. This is a public site so we invite you to explore our “Cloud eXp World” and attend other seminars.
If you have questions, give me a call or email us at mckinney.triplecrown@eXprealty and we’ll meet you in the Cloud eXp World and give you a tour. We look forward to seeing you soon.
Before you make a decision you owe it to yourself to check out eXp Realty. eXp is unlike any other brokerage in the world. Come and find out why eXp Realty is such a paradigm shift brokerage. Don’t wait another minute to see how your future career and retirement can be changed!