Homeowners are now eligible to file homestead exemptions as of the date they own the property instead of having to wait for the next calendar year, and additional changes to the exemption specifically for homeowners older than 65 or disabled also kick in.
How much will I save with the Texas homestead exemption?
How much you save with the homestead exemption depends on the exemption amounts and tax levels adopted by your city, county and other local governments. A homestead valued at $200,000 with a 20% exemption ($40,000) means you pay property taxes as if your home were valued at $160,000. Once you obtain an over-65 or disabled exemption, your school taxes are frozen (meaning they do not increase) until your home is no longer your primary residence.
When do I apply for a Texas homestead exemption?
You can file the application for a Texas homestead exemption at any time. If your application is postmarked by April 30th, the exemption can be processed in time for your property tax bill that comes out in the fall. If you file after April 30th, the exemption will be applied retroactively if you file up to one year after the tax delinquency date (typically February 1st of the following tax year). You can also apply anytime for the over-65 or disabled person exemption after you qualify for the exemption; the exemption will be applied retroactively if you file within a year of turning 65 or becoming disabled.
