Property tax bills are going out, and the local real estate experts at CPRE want to make sure you take advantage of a tax break that can substantially lower your annual payment. 

 

Some Texas homeowners qualify for a homestead exemption that could cut at least $140,000 off their home’s appraised value. This cut affects the total property value that school districts tax and, with the exemption, these homeowners can lower their property tax bills. According to a recent story in the Texas Tribune, many eligible homeowners aren’t claiming the benefit and are potentially leaving thousands of dollars in savings on the table.

 

In a perfect world, the homestead exemption would be automatic, but the responsibility of claiming it falls on the homeowner. Not everyone knows about it, though, and the application process can seem complicated, especially for first-time buyers or for those who don’t use an experienced and knowledgeable real estate agent to complete the transaction.

 

If you qualify, applying for a homestead exemption is an easy way to make owning a home more affordable and retaining your wealth. There is no fee to file and to get the homestead exemption, you start by filling out an application, then prove you own the home and that it is your primary residence. There are other exemptions available for those 65 or older, those disabled as defined by law, disabled veterans, and surviving spouses of members of the U.S. Armed services or first responders killed in the line of duty.

 

There are certain situations that can make the application process a little tricky but follow through because you are likely to save a lot of money by filing a valid exemption. Some first-time buyers may find the jargon on the application a little intimidating. If your name isn’t on the deed because you inherited the home, you may need additional documents like a death certificate or a recent utility bill.

 

Nacogdoches County homeowners can find the homestead exemption application online at https://nacocad.org/forms. For more details, you can contact the Nacogdoches Central Appraisal District at (936) 560-3447.

 

If you are searching for a new home and have questions about prospective exemptions, the local real estate experts at CPRE are here to help you open the door to all the benefits of making a move in East Texas.