Thursday, January 6, 2011

Home, Home on the Range

If your home is your primary residence, be sure that you have filed for your Homestead Exemption. If you purchased your home in 2010 and the previous owners had a homestead exemption on the property it must be renewed. Sometimes the appraisal districts will send the application to renew the exemption, but it's easy to get lost in the shuffle of all that junk mail.

I've made it super easy for you. Just click below on the county that you live in and it will get you exactly what you need:
Tarrant County
Parker County
Hood County

Once you've filed, you do NOT need to refile every year. You're set for the time you own the property, as long as it remains the main place you call home!

Some of you are wondering what is a Homestead Exemption do for me anyway? If your home is valued at $300k by the appraisal district the Homestead Exemption takes $15,000 off of the appraised value of your property for the school district taxes. Which means you would be taxed on a value of $285k instead of $300k. The school district taxes vary by school district but based on 1.5% of school district tax and the numbers above it would save $225 per year!

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