Attention Texas Homeowners!
The Texas House passed a property tax relief bill that could impact anyone who bought a home this year! Senate Bill 8 gives homeowners the benefit of the resident homestead exemption the first year of acquiring a property instead of having to wait until January 1st of the following year for the exemption to take effect.
What is a homestead?
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.
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 Jan. 1 of the tax year. An age 65 or older or disabled exemption is effective as of Jan. 1 of the tax year the applicant qualifies for the homestead and applies to the entire tax year.
Learn more about Residence Homestead Exemptions on https://comptroller.texas.gov/taxes/property-tax/exemptions/residence-faq.php