Property values had a great run in 2015. Upward, that is. While that’s still great news, higher property values can mean higher property taxes. In Houston, the average price of a single-family home increased by 17.4 percent in 2015. That could result in a big surprise from the tax collector. Property tax exemptions are not exactly nickels and dimes. A 20 percent exemption on a $250,000 home, takes the owner’s tax liability down from $6,250 to $5,000 in taxes. Exemptions don’t interfere with the value of the home, just the amount of taxes the owner will pay
- One tax exemption available to the average homeowner is the homestead property tax exemption.
- Anyone who owns a single family home, townhome, condo, or mobile home within Texas is eligible for the state and county exemption programs.
- There are additional, transferrable exemptions available for homeowners over the age of 65, or disabled.
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Inman Connect New York | January 29 - February 1, 2019