How would you like to save money this tax season?
Have you recently purchased a new home in the Dallas area? Are you 65 or older? Are you a surviving spouse?
I would be silly to assume you know everything there is to know about property tax and tax exemptions. As a REALTOR® with over a decade of residential real estate experience, I want to share my knowledge and help you save thousands of dollars this tax season.
Are you aware that you may be eligible for homestead exemption?
TYPES of EXEMPTIONS for which one may apply:
- GENERAL RESIDENCE HOMESTEAD EXEMPTION (must occupy the property as of January 1, 2012)
- DISABLED PERSON EXEMPTION
- AGE 65 OR OLDER EXEMPTION
- SURVIVING SPOUSE OF INDIVIDUAL WHO QUALIFIED FOR AGE 65 OR OLDER EXEMPTION
- 100% DISABLED VETERANS EXEMPTION
- SURVIVING SPOUSE OF DISABLED VETERAN WHO RECEIVED THE 100% DISABLED VETERAN’S EXEMPTION
Homestead exemptions remove part of your home's value from taxation, so they lower your taxes. For example, i.e. 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.
You must file by April 30, 2012. The application with all required documentation between January 1 and April 30 must be completed for the year for which you are requesting an exemption.
Taxing Entities that May Offer Homestead Exemptions in Texas:
There are several types of exemptions.
- School taxes: All residential home owners may receive a $15,000 homestead exemption from their home's value for school taxes.
- County taxes: If a county collects a special tax for farm-to-market roads or flood control, a residential homestead owner may receive a $3,000 exemption for this tax. If the county grants an optional exemption for homeowners age 65 or older or disabled, the owner will receive only the local-option exemption.
- Age 65 or older and disabled exemptions: Individuals who are 65 and older and/or disabled and are residential home owners may qualify for a $10,000 homestead exemption for school taxes, in addition to the $15,000 exemption for all homeowners. If the owner qualifies for both the $10,000 exemption for 65 and older homeowners and the $10,000 exemption for disabled homeowners, the owner must choose one or the other for school taxes. The owner cannot receive both exemptions.
- Optional percentage exemptions: Any taxing unit-including a city, county, school, or special district-may offer an exemption of up to 20 percent of a home's value. But, no matter what the percentage is, the amount of an optional exemption cannot be less than $5,000. Each taxing unit decides if it will offer the exemption and at what percentage. This percentage exemption is added to any other home exemption for which an owner qualifies. The taxing unit must decide before July 1 of the tax year to offer this exemption.
- Optional 65 or older or disabled exemptions: Any taxing unit may offer an additional exemption amount of at least $3,000 for taxpayers age 65 or older and/or disabled.
To find out if your house has its homestead exemption, you can search here: http://www.dallascad.org/SearchOwner.aspx
Find your property and click on the exemptions tab.
For more general information about homestead exemptions http://www.window.state.tx.us/taxinfo/proptax/exmptns.html
To download the exemption application, visit: http://www.window.state.tx.us/taxinfo/taxforms/50-114.pdf
File the completed application and all required documents with the county appraisal district for the county in which you live,
The Dallas Central Appraisal District
2949 North Stemmons Freeway (I-35E)
Dallas, Texas 75247
Collin Central Appraisal District
250 W Eldorado Pkwy
McKinney, Texas 75069
(866) 467-1110 (toll-free)