Are you aware of the four tax exemptions that you might be able to take advantage of as a homeowner in Texas?
If you're a Texas homeowner, there are four main tax exemptions available to you, all of which decrease your taxable assessed property value by a certain dollar amount based on your location. We have the homestead exemption, the over 65 exemption, the disabled exemption, and the disabled veteran exemption.
For example, if your primary residence is in McKinney and you're older than 65, you get you deduct $25,000 for homestead and $50,000 for being older than 65.
We recently discussed the importance of filing your homestead exemption because it not only lets you deduct from your taxable amount, it prevents the county from increasing your home's assessed value more than 10% over a year. Many people are lucky to live in rapidly appreciating areas, so having the security of a 10% maximum assessed value increase can be extremely beneficial.
It's also very easy to file for your homestead exemption, and it's free. If you own your primary residence as of January 1st, you qualify for this exemption.
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If you have any questions about exemptions or how to take advantage of theme, don't hesitate to give me a call or send me an email. I'd be happy to help!
Filing for your homestead exemption is both easy and free.
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