Understanding Texas's Homestead Exemption
Protecting Your Home with Mehaffey & Watson
Texas is known for its strong property rights, and one of the most important protections afforded to homeowners is the homestead exemption. This exemption safeguards a portion of your home's value from creditors and can significantly reduce your property tax burden. At Mehaffey & Watson, we understand the complexities of Texas homestead law and are dedicated to helping Abilene residents protect their homes.
What is the Homestead Exemption?
In simple terms, the homestead exemption removes a portion of your home's value from taxation. This means you pay taxes on a lower value, resulting in lower property taxes. Texas law provides two types of homestead exemptions:
School Taxes: All Texas homeowners are entitled to a $40,000 exemption on school district property taxes.
County Taxes: If a county collects taxes for farm-to-market roads or flood control, homeowners can claim an additional $3,000 exemption.
Who is Eligible?
To qualify for the homestead exemption, the property must be your primary residence as of January 1st of the tax year. You must also own the property and use it as your principal residence.
How to Apply:
Applying for the homestead exemption is a straightforward process. You'll need to file an application with your county appraisal district. This typically requires providing proof of residency, such as a driver's license or utility bill.
Beyond the Basics:
While the homestead exemption offers significant protection, there are nuances to the law that can impact your eligibility and the extent of your benefits. For example, there are limitations on the size of the homestead that can be exempted, and certain debts, such as mortgages and property taxes, are not covered by the exemption.
Why Choose Mehaffey & Watson?
Navigating Texas homestead law can be confusing. At Mehaffey & Watson, our experienced attorneys can:
Guide you through the application process.
Ensure you meet all eligibility requirements.
Answer your questions about the homestead exemption.
Represent you in any disputes with the appraisal district.
Protecting your home is a priority. Contact Mehaffey & Watson today for a consultation and let us help you understand your rights under Texas homestead law.
Disclaimer: This blog post is intended for informational purposes only and does not constitute legal advice. Please consult with an attorney at Mehaffey & Watson to discuss your specific legal situation.
