Owning a home in Texas is a dream come true for many home buyers. Over the decades, we’ve helped countless homeowners across DFW build custom homes, and we are incredibly grateful for the privilege to do so.

But did you know that there are certain cost-saving perks associated with owning a home in Texas? One in particular – the Texas homestead exemption – is an excellent way to reduce your property taxes if you qualify.

Applying is easy, and there are many benefits. If you’re curious about how to file for the Texas homestead exemption, then you’ve come to the right place. The experts at Maykus Homes have instructions to help you research, file, and claim your Texas homestead exemption this spring and save money. Read on to learn more!

What Is a Homestead Exemption?

A homestead exemption is a provision that allows you to reduce the taxable value of your home when filing property taxes. So, if your home is worth $350,000, and you’ve been approved for a homestead exemption of $40,000, you would only pay property taxes on your home as if it were worth $310,000.

This can be a significant cost savings, especially considering that property taxes are the bulk of an individual’s tax burden within Texas.

Important Notes

Before we begin, it’s critical to remember that the Texas homestead exemption is not automatic. It does require some action on your part. You will need to file the pertinent paperwork and submit it by April 30th to be considered.

It’s also worth noting that the homestead exemption must be reviewed, and you may only be eligible for a partial exemption.

With that being said, here are a few important notes to keep in mind:

  • Remember to include a copy of your TX Driver’s License when submitting the application. The address listed on the license must match the property for which you’re submitting the exemption.
  • Verify with your county appraisal office that you are listed as the homeowner of the property in question. This is a critical step before filling out the application for a homestead exemption.
  • There are a few critical notes to remember when considering whether your home qualifies for a homestead exemption. One of the most crucial is that the homestead you’re filing the exemption for must be a primary residence occupied by the homeowner.
  • An individual must own the home in question. Partnerships and LLCs are not eligible for the homestead exemption.
  • You can rent out the property for which you’re filing a homestead exemption if you reside within the property.

 

Frequently Asked Questions

Can a Married Couple File for Two Homestead Exemptions?

No, only one homestead exemption can be filed per property. Remember, the homestead exemption aims to reduce the tax burden on occupied residential properties for individuals and families.

How Do I Apply?

To apply, look at your local county’s website and find the applicable forms. Local counties sometimes have specific exemptions and clauses, so you must consider your local area and regulations. Two different counties might vary slightly, so talk to your local office for specific details.

When Do I Need to Apply?

Applications need to be postmarked by April 30th. However, some counties may allow for a late application, which is another reason why paying attention to your local county is so important. Since your county administers property taxes, it should also have all the resources you need to research and apply from there, whether by April 30th or after.

Are Other Exemptions Available?

Additional exemptions exist for military veterans and surviving spouses, people over the age of 65, and widows/widowers. Again, your local county will execute these.

Will I Need to Pay a Fee?

No, it’s free, so be extra wary of any company requiring a fee to apply for a homestead exemption. Some disreputable companies might attempt to charge a service fee for the application, but it’s completely free if you file directly with your county office.

Contact Maykus

If you don’t have a custom home in Texas and want to build, you’re in the right place. If you want to build a custom home in the Dallas-Fort Worth area, contact Maykus Homes!

We’ve been building the top homes across DFW for decades in some of the area’s best neighborhoods, and we’d love to do the same for you. Our process is simple; we always look to provide value to our home and property owners and help create a simple and rewarding building process. If you want to build a custom-built home in DFW, contact Maykus and make your dream a reality.