Don’t Forget to Apply for Homestead Exemption in 2024
Welcome to April! As we step into this month, it's essential to remember our yearly reminder: If you bought a house in Texas last year, mark your calendar for April 30, 2024 – that's your deadline to apply for a homestead tax exemption and potentially save on taxes this year.
So, what exactly is a Homestead Exemption?
This exemption works to lower or entirely eliminate the assessed value of your primary residence, as allowed by the State or local tax authorities. It also sets a limit on how much your property value can increase annually, commonly known as the "homestead cap."
However, this cap might exceed the 10% increase if you've made significant improvements or expansions to your home.
To benefit from this exemption, you'll need to apply. The application process is straightforward, and there are no fees involved.
Now, what qualifies as a Residence Homestead?
It's a place—be it a house or a mobile home—along with its land (up to 20 acres). This property must be owned by individuals or qualifying trusts, designed for human living, actively used as a primary residence, and occupied by the owner(s).
How to Apply
Before diving into the application process, ensure you have these documents ready:
- A copy of your Texas Department of Public Safety (TX DPS) driver's license with a matching address to your homestead.
- Relevant documents based on the exemptions you qualify for.
To apply for the Homestead Exemption, eligible individuals need to submit an application through their county's appraisal district (Remember: the deadline is April 30!). While it used to be a one-time process, a recent change in Texas law may require reapplication every five years. For more information on this change, check out our blog post: Do You Need to Reapply for Your Homestead Exemption in 2024?.
Ready to apply? To start the process for Homestead Exemption, simply visit your appraisal district’s website and complete and submit the application. Links for Tarrant, Johnson and Parker counties are below:
Tarrant County
Johnson County
Parker County
If you have any questions on this process, don’t hesitate to reach out to your trusted LEAGUE agent. As always, we’re #ReadyToServe and here for you every step of the way!
