Property Tax Exemptions -How Can They Work For You? There are Many but let’s Talk about Two!
Taxes, Taxes, Taxes!
Everyone hates them, but they do have their uses. Tax revenues are used to provide local services such as schools, streets/roads, police, fire protection and other services. First off, Texas has no state property tax. The state does not collect property tax or set tax rates – Counties, cities and school districts do. One thing to remember, all property in Texas is taxable unless the owner meets the requirements for an exemption.
The most familiar and commonly requested exemption is the Residence 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. It can include up to 20 acres, if owned and used for a purpose related to the residential use of the homestead. An owner of two properties can’t claim both as their principal residence
at the same time. One property at a time if you please!
The Homestead Exemption applies to all homeowners, but an additional exemption is available for those owners 65-Or Older.
Offered by school districts, both are considered partial tax exemptions because they remove a fixed dollar amount of the property’s value from taxation. The Homestead Exemption removes $25,000, and if the homeowner also qualifies for the 65-Or
Older Exemption, this removes an additional $10,000. Remember Tax Exemptions = Tax Savings! Make sure that yours are up-to-date today!
Gina M. Sohmer, MBA, is a veteran, a
second-generation REALTOR®, a Graduate of the REALTOR® Institute and a member of the Phyllis Browning Company, San Antonio’s Largest Independently Owned Real Estate Company. Visit her online at www.ginasohmerrealestate.com to help YOU make YOUR Real Estate Dreams Come True!