Don't fall for the "official' looking form and request to send money, usually $35, to have your homestead exemption filed with the county appraisal district if you live in Texas. Filing is free. All you have to do is download the Homestead Exemption form from the appraisal district website in the Texas county where you live, fill in the requested information and return it to the appraisal district. (see the sample form for Travis County). The form must be filed by May 1st, and you only have to file it one time unless the ownership of the property or your status changes.
In order to claim a property as your homestead, you must own and be living in the property as your primary residence on January 1st of the year you are claiming it. You cannot have claimed a Homestead Exemption on any other property. Any change in status, must be reported on this form. Other exemptions include an Over 65 exemption, Over 65 Surviving Spouse exemption and a Disabled Person exemption.
The form asks for the address of the property, the legal description and the parcel identification number. All of these can be found in the tax record for the property. You are required to give an identification such as a driver's license number or a social security number. You are NOT legally required to put down the purchase price of the property. This year's form in Travis County also asks for a birthdate to determine whether or not you qualify for the Over 65 Exemption. If you are 65 or older, you may want to check to see if they have your exemption noted. Exemptions appear on the tax record for the proeprty. It is important to file these exemptions because the taxing districts that make up your total tax bill give tax breaks for certain exemptions.
In April, the county will send a valuation of each property to the property owner. These statements of value should be reviewed and, if necessary, must be disputed prior to May 31st. Instructions for disputing the value arrive with the statement. As always, we at West Austin Properties, are happy to review your appraised value statements with you and do our own analysis of the market value of your property. We have saved our clients thousands of dollars in taxes over the years!
There has never been a better time to buy real estate in Austin, Texas. Contact us for a current market analysis of the homes in your neighborhood, or a list of homes that meet your investment criteria. Loans for residential property are still available at all time low rates below 5%. Call Patrick Birdsong, 512-585-1571, or Laura Duggan, 512-750-2425, and let us show you the town!
Posted by Laura Duggan, West Austin Properties, January 5, 2009. Happy Birthday, Katy!
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