Save $25,000* in 2017 on Taxes
In 2016 Tarrant County taxes rose for "about 500,000 residential property owners" with "some eye-popping values" according to The Star-Telegram's Sandra Baker.
The tax increase was "based on the hot North Texas real estate market", which was "just about everybody" in 2016, according to Sandra Baker. "Jeff Law, the Tarrant Appraisal District’s chief appraiser, said Wednesday that the value of residential property in Tarrant County has risen overall about 14 percent. That doesn’t mean each individual property will automatically increase by that amount, but some appraisals did go up significantly, he said".
"We simply live in a part of the country that's in high demand. Because of the high demand and limited inventory, property owners should expect to see their appraised values to climb, some significantly."
- Jeff Law, Tarrant County’s Chief Appraiser
Take heart Homeowners, something can be done!
"Property owners with homestead exemptions are protected from increases of more than 10 percent, Law said," and can qualify for significant tax exemptions in 2017.
Filing the exemption is completely FREE and EASY!
What is A Homestead Exemption?
A homestead exemption helps you save on taxes on your home. An exemption reduces the taxable value of your property and lowers your taxes. For example, if your home is valued at $100,000 and you qualify for a $20,000 exemption, you pay taxes on your home as if it was worth only $80,000.
* actual tax exemption savings determined by local tax appraisal district
Filing for a Residential Homestead Exemption is a very simple process. Tarrant County Homeowners can simply complete the Application for Residential Homestead Exemption (FORM #5200p5 (01/2016)) and return the form to the address listed below. A link to the form for Tarrant County is provided below.
Return application to:
Tarrant Appraisal District
Exemption Division
P.O. Box 185579
Fort Worth, TX 76181-0579
(817) 284-4063
CLICK HERE for the Application for Residential Homestead Exemption Form - Tarrant County Appraisal District - 2017
If you live in Texas, but are outside of Tarrant County, find your local appraisal district contact HERE.
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Did you know your market value supports your taxable value?
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Information provided by The Texas Comptroller's Office:
PROPERTY TAX EXEMPTIONS
Property tax in Texas is a locally assessed and locally administered tax. There is no state property tax. Property tax brings in the most money of all taxes available to local government to pay for schools, roads, police and firemen, emergency response services, libraries, parks and other services provided by local government.
Texas offers a variety of partial or total (absolute) exemptions from appraised property values used to determine local property taxes. A partial exemption removes a percentage or a fixed dollar amount of a property's value from taxation. A total (absolute) exemption excludes the entire property from taxation. Taxing units are mandated by the state to offer certain (mandatory) exemptions and have the option to decide locally on whether or not to offer others (local option).
Exemptions from property tax require applications in most circumstances. Applications for property tax exemptions are filed with appraisal districts. The general deadline for filing an exemption application is before May 1. Appraisal district chief appraisers are responsible for determining whether or not property qualifies for an exemption.
Tax Code exemption requirements are extensive. Property owners should read applicable statutes carefully. The Comptroller's publication Property Tax Exemptions (PDF) offers a short summary of the exemption provisions.
Residence Homestead Exemption Frequently Asked Questions
Do I, as a homeowner, get a tax break from property taxes?
You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes.
For example, your home is appraised at $100,000, and you qualify for a $25,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $75,000. Taxing units have the option to offer a separate exemption of up to 20 percent of the total value.
Do all homes qualify for homestead exemptions?
No, only a homeowner's principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home's owner must be an individual (for example: not a corporation or other business entity) and use the home as his or her principal residence on January 1 of the tax year. If you are age 65 or older, or disabled, the January 1 ownership and residency are not required for the age 65 or disabled homestead exemption.
What is a homestead?
A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.
What homestead exemptions are available?
There are several types of exemptions you may receive.
School taxes: All residence homestead owners are allowed a $25,000 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 residence homestead is allowed to receive a $3,000 exemption for this tax. If the county grants an optional exemption for homeowners age 65 or older or disabled, the owners will receive only the local-option exemption.
Age 65 or older and disabled exemptions: Individuals age 65 or older or disabled residence homestead owners qualify for a $10,000 homestead exemption for school taxes, in addition to the $25,000 exemption for all homeowners. If the owner qualifies for both the $10,000 exemption for age 65 or 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.
How do I get a general $25,000 homestead exemption?
You may file an Application for Residential Homestead Exemption (PDF) with your appraisal district for the $25,000 homestead exemption up to one year after the taxes on the homestead are due. Once you receive the exemption, you do not need to reapply unless the chief appraiser sends you a new application. In that case, you must file the new application. If you should move or your qualification ends, you must inform the appraisal district in writing before the next May 1st. A list of appraisal district addresses and phone numbers is available online.
What is the deadline for filing for a homestead exemption?
You may file for any homestead exemption up to one year after the delinquency date. The delinquency date is normally February 1st.
May I continue to receive the residence homestead exemption on my home if I move away temporarily?
If you temporarily move away from your home, you may continue to receive the exemption if you do not establish a principal residence elsewhere, you intend to return to the home, and you are away less than two years. You may continue to receive the exemption if you do not occupy the residence for more than two years only if you are in military service serving inside or outside of the United States or live in a facility providing services related to health, infirmity or aging.
If I own only 50 percent of the home I live in, do I qualify for the residence homestead exemption on the home?
Yes. However, if you qualify for a homestead exemption and are not the sole owner of the property to which the homestead exemption applies, the exemption you receive is based on the interest you own. For example, if you own a 50 percent interest in a homestead, you will receive only one-half, or $12,500, of a $25,000 homestead offered by a school district.
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