Welcome to the Garza Home Team at RE/MAX North San Antonio blog! Today, we want to talk about the importance of filing for a homestead exemption if you own a home in Texas.
A homestead exemption is a legal provision that can help lower the property taxes you owe on your primary residence. By filing for a homestead exemption, you can reduce the taxable value of your home and potentially save hundreds or even thousands of dollars on your annual property tax bill.
The process of filing for a homestead exemption is relatively simple. You need to submit an application to your local county appraisal district, along with proof of ownership and residency. In Texas, the deadline to file for a homestead exemption is typically April 30th of the tax year in question.
So why is filing for a homestead exemption so important? For starters, it can provide significant savings on your property tax bill. In Texas, homestead exemptions can reduce the taxable value of your home by up to $25,000 for school district taxes and up to 20% for other types of taxes. This can add up to substantial savings over time, especially if you plan to stay in your home for many years.
In addition to lowering your property tax bill, a homestead exemption can also provide some legal protections for your home. For example, if you face financial difficulties such as bankruptcy, a homestead exemption can help protect your home from creditors.
At the Garza Home Team, we understand the importance of making smart financial decisions when it comes to real estate. Filing for a homestead exemption is just one example of how you can potentially save money and protect your assets as a homeowner.
If you own a home in Texas and haven’t filed for a homestead exemption, we encourage you to do so as soon as possible. Our team can provide you with more information on the process and help you navigate any questions or concerns you may have.
As always, we’re here to help you make the most of your real estate investments and achieve your long-term financial goals. Contact us today to learn more.
