Residential Homestead Exemption Reminder… It’s that time of year! As a courtesy to my friends who purchased homes in 2009, I would like to remind you that Homestead Exemption Applications can now be mailed in to the appraisal district.
HARRIS COUNTY FORM - direct link to form Applying for your Homestead Exemption saves you money on your property taxes. Your county currently provides an optional 20% Homestead Exemption to all homeowners occupying a principal residence. An exemption removes part of the value of your property from taxation and lowers your taxes. For example, if your home is valued at $100,000 and you qualify for a $20,000 exemption, you pay taxes on your home as if it was worth only $80,000.
An additional benefit of the general homestead exemption, especially in an appreciating housing market, is the homestead cap, or limitation on increases in appraised value. The cap applies to your homestead beginning in the second year you have a homestead exemption. The cap law provides that if you qualify, the value on which your taxes will be calculated (called your appraised value) cannot exceed the lesser of: - This year’s market value; or
- Last year’s appraised value, plus 10% plus the value added by any new improvements made during the preceding year.
If homes are appreciating at more than 10% per year, the cap can provide substantial tax savings. Other exemptions may be available to you, for example: School, Over-65 Homeowners, Homeowners with Disabilities, etc. For more information you can visit the appraisal district website in which you reside.
Homestead applications are due and should be postmarked by April 30, 2010. Regular mail is fine but I’d like to recommend that you mail the application with a return receipt, for your records.
DO NOT PAY ANYONE TO SUBMIT THESE FORMS FOR YOU... The district addresses are located on their respective forms linked here. Thank you for being part of my real estate family…and don’t forget I can help your friends, family and co-workers too, I love referrals! Call or email when your estimated values come out this Spring…we’ll check to see if you need to file for protest. *Let’s stay in touch… If you’re on Face Book look me up! |