Thursday, November 02, 2006

How do I get my homestead exemption on my new home?

Certain types of property will qualify for an extra Texas property tax rebate called the homestead exemption. Basically, the homestead exemption allows you to pay less in taxes on your home than you would normally be entitled. For example, if your home was worth $100,000 and the tax rate was 2%, you would pay $2,000 in property taxes ($100,000 x 2% = $2,000). However, if the hoemstead exemption was $50,000, you would only pay $1,000 in property taxes ($100,000 - $50,000 = $50,000 x 2% = $1,000).

To make sure that you get this reduction, go to your county appraisal district office and fill out a homestead exemption application. There may also be other exemptions for which you may qualify that could also reduce your Texas property tax bill.

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