It is time to file your 2015 Homestead Exemption
At the Heyl Group, we want to make sure that our clients get the best deal on their home even after they close. We want you to have the lowest tax bill possible. Home ownership has SERIOUS tax advantages. Call one of our experienced agents at 512.537.6739 to discuss how you can benefit. Even if you didn’t purchase a home with us, you may be eligible for one or more of the Homestead Exemptions offered to homeowners.
In an effort to help make your life a little easier, here are the links to download the Homestead Exemption forms for the county that you live in:
- 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 January 1 of the tax year. If you are age 65 or older, or disabled, the January 1 ownership and residency are not required for the age 65 or disabled homestead exemption.
- Do I, as a homeowner, get a tax break from property taxes?
You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home’s value from taxation, so they lower your taxes.
For example, your home is appraised at $100,000, and you qualify for a $15,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $85,000. Taxing units have the option to offer a separate exemption of up to 20 percent of the total value.
- How do I get a general $15,000 homestead exemption?
You may file an Application for Residential Homestead Exemption with your appraisal district for the $15,000 homestead exemption up to one year after the taxes on the homestead are due. Once you receive the exemption, you do not need to reapply unless the chief appraiser sends you a new application. In that case, you must file the new application. If you should move or your qualification ends, you must inform the appraisal district in writing before the next May 1st. A list of appraisal district addresses and phone numbers is available online.
5.What is the deadline for filing for a homestead exemption?
You may file for any homestead exemption up to one year after the delinquency date. The delinquency date is normally February 1st.
- If I own only 50 percent of the home I live in, do I qualify for the residence homestead exemption on the home?
Yes. However, if you qualify for a homestead exemption and are not the sole owner of the property to which the homestead exemption applies, the exemption you receive is based on the interest you own. For example, you own a 50 percent interest in a homestead and will receive one half, or $7,500, of a $15,000 homestead offered by a school district.
If you’re in the market to buy or sell in Austin, please contact us. You can reach us at (512) 537-6739 or go ahead and email us at email@example.com.
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