Homeowners and the tax collector both applaud home value appreciation

Homestead property tax exemptions can offer tax burden relief
  • 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.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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 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. The owner must use the home as their primary residence, and own the property by January 1 of the year for which they will claim the credit. To reduce the tax bill, homeowners need to apply ...