This is a friendly reminder to file your homestead exemption to save money on property taxes.
Taxes are generally confusing and you’d be surprised how often our team has come across homeowners who don’t have a homestead exemption because they weren’t aware they should file one.
This is for you if:
1. You own a property in Texas that you live in as your primary residence AND
2. You bought this property in 2020
3. OR you bought your property earlier than 2020, but have not yet declared it your homestead for tax purposes
Property taxes are confusing and also boring, but I’ll do my best here to simplify the process and save you time.
The homestead exemption helps to keep taxes lower for homeowners, not only this year, but for all the years you continue to live in your home. This is why you’ll see $1 million dollar homes only taxed as a $300K home. It can make a BIG difference over the years and ultimately save you money.
When should you file? You have 3 days left! You have between now and April 30th to submit your form.
How can you file? You can use the online exemption forms here for Travis county.
How can you check if you already have an active exemption? Use the property search feature here and look for “Exemptions” under the first section. If it says “HS” then you have an active homestead exemption in place. The exemption only needs to be filed once during your ownership.
Should you pay to have someone else file for you? You can declare homestead pretty easily yourself by visiting the county site, filling out a form, and following the instructions.
What if the last homeowners had an exemption? The homestead exemption that the previous owners of your home had will not transfer to you. In fact, you’ll probably notice your taxes go up quite a bit in your first full year of ownership as a result. You will want to declare homestead for yourself as the previous homestead exemption does not survive a sale.
For more information, check out this handy resource from Austin Title with FAQ on homestead exemption.