Get Tx Comptroller 50-230 2021-2025

Put simply, a homestead exemption lowers the taxable value of your property. This means you will pay less property tax on your home. As of August 2023, you're entitled to up to $40,000 in value reductions. This is only a general guideline figure, though.

The appraised home value for a homeowner who qualifies his or her homestead for exemptions in the preceding and current year may not increase more than 10 percent per year.

Property Tax and Appraisals For many senior homeowners, rising property taxes can be a threat to their financial stability, even though their mortgages may be paid off. The Texas Tax Code, Section 33.06, allows taxpayers 65 years of age or older to defer their property taxes until their estates are settled after death.

Senate Bill 2 (Bettencourt/Meyer) provides property tax relief through tax rate compression, an increase in the homestead exemption, and a pilot project limiting the growth in appraised values. For tax year 2023, this will save the average Texas homestead owner over $1,200.

The appraised home value for a homeowner who qualifies his or her homestead for exemptions in the preceding and current year may not increase more than 10 percent per year.

Exemptions from property tax require applications in most circumstances. Applications for property tax exemptions are filed with the appraisal district in which the property is located. The general deadline for filing an exemption application is before May 1.

MARKET VALUE / ASSESSED VALUE Texas Property Tax Code Sec 23.23 limits increases of the total assessed value to 10% from year to year if the property in under homestead exemption. This 10% increase excludes any improvements added by the property owner. This section does not limit market value increases.