I’m clearing up the confusion about the homestead exemption on taxes.
I’ve covered this topic in the past, but I’ve been getting a lot of questions about it, and it’s important, so I’m discussing it again: the homestead exemption. The homestead exemption allows you to alleviate some of the tax burden on your primary residence. There are four options for a homestead exemption. Some people will qualify for more than one.
1. General exemption. You can receive this for living in a home as your primary residence. This is about a 20% deduction from your taxes, a substantial amount since taxes here tend to go up every year.
2. Over 65 exemption.
3. Disability exemption.
4. Military disability exemption. If you were in the military and are disabled to some degree.
To qualify, you must live in the home on January 1 of that year. Here in Houston, you can visit www.hcad.org to see if you qualify. If you haven’t filled out the paperwork for the homestead exemption yet, you need to—it saves you hard-earned money.
Call or email me if you have any questions about the homestead exemption or any other real estate topic. I would love to help you.