thank you for your give out information about home exemption , I lived & work and have a nice house here in florida, but i'd like to move into Texas in some day. be healthy
At one time I kept getting letters saying I have unclaimed money out there. Come to find out it was the homestead. I am in Texas in Harris County. Do you know how these companies can determine that I didn’t file for the homestead at the time?
Thanks, Daniel! I'm glad it was helpful and thanks for sharing! If you have any other questions about real estate, please let me know and I'm happy to try to answer those as well!
"They can't raise your taxes more than 10% a year". Does that mean they can't raise it more than 10% of the value of the property, or raise it more than 10% of the tax rate? What they do is raise the appraised value and raise the tax rate- so the 10% is really moot. The best you can do every year is go down and argue the appraised value to help keep it down. Over many years, you can come out way ahead. Have your argument ready and have pictures or docs to backup your claims. What I did a year before I turned 65 is argued my appraised value and got that down as much as 35k, then the next year froze my taxes and got the extra 10k off. This omitted my taxes on 45k. Saving me almost $900 a year. You can do this yourself or hire an agency to do it. All the tax people can do is say no, but they rarely do.
I filled a Homestead exemption when I first got my house in 2016 but the property tax increased in 2021 and the mortgage company says I have to pay extra for the property tax increase that they didn't cover
If some one move from Williamson county to Travis, and Williamson country house is now rented, do they have to change the exemption from Williamson to Travis County house? What's the process to remove the exemption and add on the other.
is a business in dallas call RAC Refund Advisory Corp that is charging half of your refund money just to fill out your homesteads and no body do nothing to stop those thieves please some body do something
It's still not enough.. Seniors are struggling with low paying Social Security checks and Texas has the nerve to charge them a whopping 2 to 3% property tax it's like paying rent.. ridiculous.
I live in California and my property tax has grown each year by a couple hundreds. This year my property tax is a little over 8k. I'm already getting almost half my income tax in the form of state and federal tax. The tax returns is a fraud because guess what I use it on? That's right my property tax so in reality I get nothing back from my tax returns. Those officials really know how to work the system where you get nothing back.
Can a senior citizen have multiple houses under his name and be tax exempted on his/hers properties? Some people are losing their house due to high taxes. SMH
No, investment properties like that do not qualify. Texas homestead laws are meant to protect citizen’s “homestead” - their primary residence. For people who own multiple properties, they will have to pay properties taxes for any property that is not their primary residences
I own my condo, I'm turning 65 years old in July. You said you can file from January to April, however I'm not quit there yet. Do I have to wait until January 2022 to file??🤔
Great vid. However, Point not addressed is, does opting out of homestead exemption result in a refund on taxes filed? Ie when enter my real estate taxes on my tax software the refund amount does not change.
Sir, I filed bankruptcy in 2014, and I believe I had to file a homestead deed at that time for THAT house. In 2017 I purchased a home in Feb. and I wanted to know if the paperwork I filed in the bankruptcy is the same as what a homestead is for tax purposes? If it is the same what can I do so I can file it for my new home? (If I can) And lastly I retire from the military in 3 years can I refile under the disability that I get? Thank you so much for helping me, I lost that house due to a divorce, I was deployed for a year, I came back to find out the mortgage hadn't been paid, and that house required a mortgage I couldn't afford by myself. So I had to let it go sadly. Thank you again Sir, you really made this sound very simple! J. Goode USN
Hi Joanne, thank you for your service to our country. You can only have a homestead exemption on one property you own - your primary residence. If you no longer own that home, you have no homestead claim to it and and can claim your new home as your homestead and receive the homestead exemption. I hope this helps. Let me know if you have any other questions.
Ok question ? My father would qualify for the Senior exempt , but what happens if I decide to move with him and I am considered disabled ?? can we still only file one exempt ??
Didn't work for me I applied and my mortgage went up by 150 bucks. bought my home in March of 2017 and applied in Jan 2018...in march of 2018 it went up.
A homestead exemption does not prevent your property taxes going up and the 10% limit in valuation increase will not apply until the following year. The exemption will limit how much your valuation can go up in 1 year and will keep a portion from being taxed.
Question. I purchase a fixer upper with the intent to fix it up to live in. I'm over 65 and apply for the homestead senior tax exemption and also apply for the property tax freeze. Once I complete the improvements and of course the house would be appraised at a higher value, my property taxes will not go up due to the freeze, am I correct?
When you add value to your property, your taxes will be recalculated and frozen again. If there is a value increase due to market sales the part that is frozen will not increase.
This answer is correct. If you make any additions to your home, the county can re-valuate it and charge you the new amount. Otherwise, the value is frozen (but the rate could change).
@@MrHulin-cp9qg Homestead exemption can piggy back with your disabled Vet exemption portion giving you even more savings. So if your homestead was $20,000 and you are also a disabled veteran, that "discount" is added to the $20,000. Check with your local tax office if you have that and make sure you are receiving those benefits.
Homestead exemption can piggy back with your disabled Vet exemption portion giving you even more savings. So if your homestead was $20,000 and you are also a disabled veteran, that "discount" is added to the $20,000. Check with your local tax office if you have that and make sure you are receiving those benefits.
Hi I have this question and don't know how to answer it can you please help me? "How many acres (not to exceed 20) are used for residential occupancy (yard/garden etc.) of the structure?" (NOTE: The structure and the land and improvements must have identical ownership).
The acreage limits should be for the entire property. If your property has more acreage than the limit, I would suppose you could have the property subdivided so you can claim the homestead on the residential area. There are other exemptions (agriculture) but having any commercial use for the property could change things and preclude the property from an exemption.
I bought a house that the former owner has homestead on, I just received a mail about it that I need to submit it before February 20, and I have absolutely no idea what it's means, I just know it's about homestead, do I have to call them, sign and submit, or ignore it. Thanks
You will have to file the homestead exemption for yourself but you should be able to mail it in or do it online. If the previous owner had the homestead exemption, that only applies to them and you will need to re-file now that you own the home.
if i already filed homestead exemption and granted, am I automatically have Texas Homestead Protection, that is protection of my property from judgement/creditors from forcing me to sale the house or seize my house from lawsuit ? or is it the case that i have to do/apply separately to have that "Texas Homestead Protection" ? Thanks !
Thank you for your service! It will depend on the tax rate in your county. You should only have to pay 10% of the normal taxes because of your disability rating.
When you file for the homestead exemption for your current property, it should be approved, as long as the address on your drivers license matches the new residence. I am unaware of what the process is for the previous residence is if you still own it, but if you sold it, the homestead exemption will automatically fall off.
You don't have to own your home outright - you can have a mortgage on it. As long as your name is on the deed, you should be able to claim the exemption.
Not that I am aware of, but I would check with your specific county. There are many programs to help "home town heroes" like teachers, nurses, police and fire get discounts on mortgages when buying a home.
Hi, I have a question for this. I live in Houston (Harris County) house is being built, will be completed this month (October 2018) is there an exception to file for this exemption to take effect for 2019? or do I have to wait for the following year for this exemption to take effect?
I applied 2 years ago and it deducted the exemption only on that year and not the succeeding years but I was searching for other property and I saw one property that had 3 deductions happened through the years and it says hs cap loss which I believe is the same as homestead. Does it suppose to keep deducting the appraised value to represent the assessed value?
HS Cap Loss shows up when your homestead exemption has been applied and the appraised value by the county is greater than 10%. Because your HS caps the increases at 10% each year, if you home is valuated at, for example, a 12% increase, the extra 2% would not be charged that year and would be added the next year. Your home can go up 10% EACH YEAR, you just cannot be taxed on more than a 10% increase year over year.
+Robert Jordan NO! There are very few exemptions that you have to refuel for every year and they - almost all you do not. Once you file for your Homestead Exemption, it should always stay on. You can always double check on your appraisal district website.
It will depend on what your county's exemption is and how much your home is valued at. A $20,000 exemption in Travis County at a tax rate of 2.5% would be $500 savings as an example.
A quick question sir..if my house value is $219k n tax rate is 2.16% what is the amount of refund as a tax refund I can get it? Let’s say previous yr it was $179 k.any help thanks a lot .
So i will be paying taxes for 300k instead of 400k value if i file for homestead? Is there any downside of filing the homestead. Any side effects and the home value or future on anything? Thanks for the video
Each county has difference exemption amounts so that answer will differ for each county. If your county has a 25% exemption, then your estimate should be correct. No side effects that I am aware of - limits your taxes and the amount your value can increase each year!
@@RealEstateRealAnswers I applied 2 years ago and it deducted the exemption only on that year and not the succeeding years but I was searching for other property and I saw one property that had 3 deductions happened through the years and it says hs cap loss which I believe is the same as homestead. Does it suppose to keep deducting the appraised value to represent the assessed value?
You have to live in your home on January 1st of that tax year in order to apply for the exemption for that year. So if you bought the home in March, you will be able to apply for your homestead the following year. Don't file too early as they may reject your application.
Its 2020.. and purchased our first home 2019. Were in Harris county. Thanks for the info!
Thank you sir for your genuinely honest information it is greatly appreciated.
You must file your Homestead Exemption before April 30 to save on your 2017 property taxes. Don't wait! It's free to claim your exemption!
Thank you! Might wanna see if you can pin this comment to the top of the comment list. really helpful
This guy honestly deserves more views.
Glad people are watching!
thank you for your give out information about home exemption , I lived & work and have a nice house here in florida, but i'd like to move into Texas in some day. be healthy
Very good video! Very informative! I appreciate it and enjoyed it!
Thanks Sir, First easy to understand explanation I have found so far!
Thanks Daniel! I'm glad you found it helpful!
Amazing explanation. Thank you!!
At one time I kept getting letters saying I have unclaimed money out there. Come to find out it was the homestead. I am in Texas in Harris County. Do you know how these companies can determine that I didn’t file for the homestead at the time?
Hey thank you so much for the video that really answered a lot of questions I appreciate that
Thanks, Daniel! I'm glad it was helpful and thanks for sharing! If you have any other questions about real estate, please let me know and I'm happy to try to answer those as well!
"They can't raise your taxes more than 10% a year".
Does that mean they can't raise it more than 10% of the value of the property, or raise it more than 10% of the tax rate?
What they do is raise the appraised value and raise the tax rate- so the 10% is really moot.
The best you can do every year is go down and argue the appraised value to help keep it down. Over many years, you can come out way ahead. Have your argument ready and have pictures or docs to backup your claims.
What I did a year before I turned 65 is argued my appraised value and got that down as much as 35k, then the next year froze my taxes and got the extra 10k off. This omitted my taxes on 45k. Saving me almost $900 a year.
You can do this yourself or hire an agency to do it. All the tax people can do is say no, but they rarely do.
Thanks for the tips I will take advantage of the resources you provided.
Great! Good luck!
I filled a Homestead exemption when I first got my house in 2016 but the property tax increased in 2021 and the mortgage company says I have to pay extra for the property tax increase that they didn't cover
I was not aware that the school district gives a 25,000 dollar exemption. Is this for all school districts in Harris County?
If some one move from Williamson county to Travis, and Williamson country house is now rented, do they have to change the exemption from Williamson to Travis County house? What's the process to remove the exemption and add on the other.
is a business in dallas call RAC Refund Advisory Corp that is charging half of your refund money just to fill out your homesteads and no body do nothing to stop those thieves please some body do something
thanks man, needed this info!
You're welcome, Alex! If you have any other questions, let me know and I'll help however I can.
Thanks for the concise helpful video and links!
Glad it helped!
Glad it helped!
Why isn't the property taxes subsidized for the elderly and disabled? Even with an exemption in TEXAS property taxes are still nuts!
+ItsJust Mee there are separate exemptions for elderly and disabled people in Texas!
Thank you!
It's still not enough.. Seniors are struggling with low paying Social Security checks and Texas has the nerve to charge them a whopping 2 to 3% property tax it's like paying rent.. ridiculous.
I live in California and my property tax has grown each year by a couple hundreds. This year my property tax is a little over 8k. I'm already getting almost half my income tax in the form of state and federal tax. The tax returns is a fraud because guess what I use it on? That's right my property tax so in reality I get nothing back from my tax returns. Those officials really know how to work the system where you get nothing back.
VersionBest This is Texas tax laws. Contact your county for California laws
Kyle....Thank you
Thanks for explaining
You're welcome. I'm glad it is helping people!
can you file for Disabled veteran exemption and the regular homestead exemption?
I am retiring and leaving Texas because propriety taxes are so high.
Can a senior citizen have multiple houses under his name and be tax exempted on his/hers properties? Some people are losing their house due to high taxes. SMH
No, investment properties like that do not qualify. Texas homestead laws are meant to protect citizen’s “homestead” - their primary residence. For people who own multiple properties, they will have to pay properties taxes for any property that is not their primary residences
Thanks 🙏🏾
ty for the video!
+ItsJust Mee You’re welcome!
Thank you for the information. Is there a downside for applying for this ? Will the value of the home go down ? Thanks in advance.
I own my condo, I'm turning 65 years old in July. You said you can file from January to April, however I'm not quit there yet. Do I have to wait until January 2022 to file??🤔
Great vid. However, Point not addressed is, does opting out of homestead exemption result in a refund on taxes filed? Ie when enter my real estate taxes on my tax software the refund amount does not change.
Thanx Bro
Sir, I filed bankruptcy in 2014, and I believe I had to file a homestead deed at that time for THAT house.
In 2017 I purchased a home in Feb. and I wanted to know if the paperwork I filed in the bankruptcy is the same as what a homestead is for tax purposes?
If it is the same what can I do so I can file it for my new home? (If I can) And lastly I retire from the military in 3 years can I refile under the disability that I get?
Thank you so much for helping me, I lost that house due to a divorce, I was deployed for a year, I came back to find out the mortgage hadn't been paid, and that house required a mortgage I couldn't afford by myself. So I had to let it go sadly.
Thank you again Sir, you really made this sound very simple!
J. Goode USN
Hi Joanne, thank you for your service to our country. You can only have a homestead exemption on one property you own - your primary residence. If you no longer own that home, you have no homestead claim to it and and can claim your new home as your homestead and receive the homestead exemption. I hope this helps. Let me know if you have any other questions.
Can I claim it if we don't grow anything or have any animals except for dogs?
How can I get the appraised value of my home changed?
Ok question ? My father would qualify for the Senior exempt , but what happens if I decide to move with him and I am considered disabled ?? can we still only file one exempt ??
whats the info for San Antonio?
Has it changed to where one can claim both the Homestead Exemption and the Disabled Veteran Exemption?
Yes, they are different exemptions. You should be able to claim both.
What is a "Land Patent" ?
I SEEE YOUUUU!! fire.
Didn't work for me I applied and my mortgage went up by 150 bucks. bought my home in March of 2017 and applied in Jan 2018...in march of 2018 it went up.
A homestead exemption does not prevent your property taxes going up and the 10% limit in valuation increase will not apply until the following year. The exemption will limit how much your valuation can go up in 1 year and will keep a portion from being taxed.
Question. I purchase a fixer upper with the intent to fix it up to live in. I'm over 65 and apply for the homestead senior tax exemption and also apply for the property tax freeze. Once I complete the improvements and of course the house would be appraised at a higher value, my property taxes will not go up due to the freeze, am I correct?
When you add value to your property, your taxes will be recalculated and frozen again. If there is a value increase due to market sales the part that is frozen will not increase.
This answer is correct. If you make any additions to your home, the county can re-valuate it and charge you the new amount. Otherwise, the value is frozen (but the rate could change).
Can you combined a disabled veteran exemption with the homestead exemption?
This is what I was wondering as well did you find an answers
I have not unfortunately.
@@MrHulin-cp9qg Homestead exemption can piggy back with your disabled Vet exemption portion giving you even more savings. So if your homestead was $20,000 and you are also a disabled veteran, that "discount" is added to the $20,000. Check with your local tax office if you have that and make sure you are receiving those benefits.
Homestead exemption can piggy back with your disabled Vet exemption portion giving you even more savings. So if your homestead was $20,000 and you are also a disabled veteran, that "discount" is added to the $20,000. Check with your local tax office if you have that and make sure you are receiving those benefits.
Hello This is great info. Are you aware of a law that passed on 2014 or 15 to lower taxes on family primary dwelling? do you know to get that?
I bought a house in august 2020. It is now feb 2021 does this mean I can’t apply for 2020 but wait to apply in 2021? Thank you
Hi I have this question and don't know how to answer it can you please help me? "How many acres (not to exceed 20) are used for residential occupancy (yard/garden etc.) of the structure?" (NOTE: The structure and the land and improvements must have identical ownership).
The acreage limits should be for the entire property. If your property has more acreage than the limit, I would suppose you could have the property subdivided so you can claim the homestead on the residential area. There are other exemptions (agriculture) but having any commercial use for the property could change things and preclude the property from an exemption.
I bought a house that the former owner has homestead on, I just received a mail about it that I need to submit it before February 20, and I have absolutely no idea what it's means, I just know it's about homestead, do I have to call them, sign and submit, or ignore it. Thanks
You will have to file the homestead exemption for yourself but you should be able to mail it in or do it online. If the previous owner had the homestead exemption, that only applies to them and you will need to re-file now that you own the home.
if i already filed homestead exemption and granted, am I automatically have Texas Homestead Protection, that is protection of my property from judgement/creditors from forcing me to sale the house or seize my house from lawsuit ? or is it the case that i have to do/apply separately to have that "Texas Homestead Protection" ? Thanks !
Where did you get that picture of the 360 bridge?
IKEA in Round Rock!
I am 90% disabled veteran how much would I have to pay for an 150,000.00 home in texas.
Thank you for your service! It will depend on the tax rate in your county. You should only have to pay 10% of the normal taxes because of your disability rating.
How do I transfer a previous Homestead Exemption to my current property?
When you file for the homestead exemption for your current property, it should be approved, as long as the address on your drivers license matches the new residence. I am unaware of what the process is for the previous residence is if you still own it, but if you sold it, the homestead exemption will automatically fall off.
Clarification please. I have to own my home? As in it has to be fully paid off for me to get the exemption? Or I can still be making payments?
Can be mortgaged and still get the exemption .... been doing it for years ....thanks !! 😆
You don't have to own your home outright - you can have a mortgage on it. As long as your name is on the deed, you should be able to claim the exemption.
Also is there an exemption if you're a city employee. Police dept?
Not that I am aware of, but I would check with your specific county. There are many programs to help "home town heroes" like teachers, nurses, police and fire get discounts on mortgages when buying a home.
Hi, I have a question for this. I live in Houston (Harris County) house is being built, will be completed this month (October 2018) is there an exception to file for this exemption to take effect for 2019? or do I have to wait for the following year for this exemption to take effect?
You will file in 2019 and it should be applied in 2019. I do not know of an exception you could use for 2018.
I applied 2 years ago and it deducted the exemption only on that year and not the succeeding years but I was searching for other property and I saw one property that had 3 deductions happened through the years and it says hs cap loss which I believe is the same as homestead. Does it suppose to keep deducting the appraised value to represent the assessed value?
HS Cap Loss shows up when your homestead exemption has been applied and the appraised value by the county is greater than 10%. Because your HS caps the increases at 10% each year, if you home is valuated at, for example, a 12% increase, the extra 2% would not be charged that year and would be added the next year. Your home can go up 10% EACH YEAR, you just cannot be taxed on more than a 10% increase year over year.
So the home can’t be financed? It must be owned outright?
No, your home can be financed (mortgage). As long as your name is on the deed, you should be able to claim the exemption.
So if i file for this Jan 2019 when will i get the benefit of it..2020? Or can it be within the same year i file?
It should be applied in 2019. HOWEVER, the protections of the HS Cap (10%) would not be applied until the following year.
what if I occupy the property say on 01/20/2019? can I still file for the homestead exemption?? Thanks in advance :)
You can still file for your homestead exemption but not until the following year. You can file only once you have lived in the house as January 1st.
@@RealEstateRealAnswers Awsome Thanks man :)
Do you have to file every year?
+Robert Jordan NO! There are very few exemptions that you have to refuel for every year and they - almost all you do not. Once you file for your Homestead Exemption, it should always stay on. You can always double check on your appraisal district website.
Thank you
Robert Jordan Yes you have to file every year.
"refuel"?
Off of my property taxes it will just save you about $60 a month, does that sound about right?
It will depend on what your county's exemption is and how much your home is valued at. A $20,000 exemption in Travis County at a tax rate of 2.5% would be $500 savings as an example.
A quick question sir..if my house value is $219k n tax rate is 2.16% what is the amount of refund as a tax refund I can get it? Let’s say previous yr it was $179 k.any help thanks a lot .
So i will be paying taxes for 300k instead of 400k value if i file for homestead?
Is there any downside of filing the homestead. Any side effects and the home value or future on anything?
Thanks for the video
Each county has difference exemption amounts so that answer will differ for each county. If your county has a 25% exemption, then your estimate should be correct. No side effects that I am aware of - limits your taxes and the amount your value can increase each year!
Big deal….even with the homestead exemption…they are still OUTRAGEOUS….BUYER BEWARE
Do I need to reapply every year for the exemption?
No, your homestead exemption should not need to be re-applied for.
@@RealEstateRealAnswers I applied 2 years ago and it deducted the exemption only on that year and not the succeeding years but I was searching for other property and I saw one property that had 3 deductions happened through the years and it says hs cap loss which I believe is the same as homestead. Does it suppose to keep deducting the appraised value to represent the assessed value?
What if you have more than 20 actes
Acres
It will not qualify for homestead exemption, thought it might qualify for the agricultural exemption
I pay 0 in property taxes in texas
how？
@@18754KRS I am a veteran disabled
@@TheOneshot78 so if i moved to america an buy land let say tiny land the ONLY way i pay no property tax is to be disabled veteran？
@@18754KRS thats correct..
@@18754KRS texas is the third highest in property tax in the United States
Did Trump do away with the exemptions?
No, these homestead exemptions are state and local, not federal. The President of the United States has nothing to do with these exemptions.
Its ridiculous that we have to pay for taxs on something we already own .sales tax should be enough
You don’t pay sales tax on the purchase of a home
If you purchased a new home. Do you have to live in your new home a year before you claimed the homestead exemption??
You have to live in your home on January 1st of that tax year in order to apply for the exemption for that year. So if you bought the home in March, you will be able to apply for your homestead the following year. Don't file too early as they may reject your application.