Filing your Homestead Exemption for 2015 FAQs
Jan. 14. 2015
Well, we are in the 2015 year and a few things definitely pop into my mind at the beginning of each new year (and more so before April 15)…TAXES.
If you were one of my clients that means you already received an email reminder and “how to” on filing. You also most likely purchased in Travis or Williamson Counties, as that is the area I work the most–but note that each county varies some. For example, Williamson County now has electronic filing, whereas Travis does not-so be sure to check with your specific county on filing a homestead exemption.
If you purchased a home last year, in which you live in and declare as your primary residence, THEN you need to file a HOMESTEAD EXEMPTION! (unless you are over 65, you file a different exemption for that!)
What does the exemption mean in terms of saving?
Well, if your home is valued at $200k and you are in Travis County, then you if approved you will pay taxes on the home valued at $160k ($40k aka 20% off the value).
Does it cost money to file this exemption?
Nope!
Do I have to apply year after year?
No. Unless you buy another home that then becomes your primary residence, you will file the following year.
If I am married do we both need to sign and apply?
No, only one person’s signature from the deed needs to be on the application.
How long before I can view my exemption on the website?
The website is updated only twice a month. Also, current year exemptions will not be reflected until after the value notices have been released (sometime mid April).
I own more than one home, can I get a homestead on both?
A person may not receive a homestead exemption for more than residence homestead in the same year. You can receive a homestead exemption only for your main or principal residence.
What if I owned the property before I was married?
You can still only have one exemption which must be claimed on your principal residence.
I own my own homestead, but also own a home with my child that they live in. Would they qualify for a homestead?
They must have ownership interest in the property to qualify and would only receive a portion of the exemption based on the percent of ownership.
My exemption fell off from last year, why?
Exemptions reflect the January 1 owner. If you purchased a home after January 1st the exemption in place was for the previous owner. You must file an exemption application.
I forgot to apply for my exemption, can I receive it retroactively?
You may file a late homestead exemption application if you file it no later than one year after the date the taxes become delinquent.
Is it true that once I become 65 years of age, I will not have to pay any more taxes?
No, that is not necessarily true. If you are 65 or older your residence homestead qualifies for more exemptions which will result in greater tax savings. The amount of the exemptions that are granted by each taxing unit is subtracted from the market value of your residence and the taxes are calculated on that “lower value”. In addition, when you turn 65, you may receive a tax ceiling for your total school taxes; that is, the school taxes on you residence cannot increase as long as you own and live in that home. The ceiling is set at the amount you pay in the year that you qualify for the aged 65 or older exemption. The school taxes on your home subsequently may fall below the ceiling.
If you significantly improve your home (other than ordinary repairs and maintenance), tax ceilings can go up. For example, if you add a room or garage to your home, your tax ceiling can rise. It will also change if you move to a new home.
When do you apply if you are turning 65?
You may apply at anytime during the year of that birth date. You would receive the exemption for the full year.
Do I need to file an application when I turn 65 or is it automatically added?
The appraisal district can only automatically process the over 65 exemption if it has the appropriate documentation on hand. TCAD requires proof of age to grant an over 65 exemption. Acceptable proof of age includes either a copy of the front side of your driver’s license or a copy of your birth certificate or any official document reflecting your date of birth. It is always best to file an exemption application with the appropriate documents to ensure that the Over 65 exemption is processed.
If I am disabled and over 65 can I claim both exemptions in the same tax year?
You may not claim both an Over 65 and a disabled person’s exemption in the same tax year.
If you are in Travis County and would like to see the form to file click here.
If you are in Williamson County and would like the form (as well as Qs to filing in Williamson) click here.