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Property Tax Exemptions for Texas Homeowners
We understand that when it comes to property taxes, it can be a confusing process. Property tax exemptions are an easy and often overlooked way to reduce your tax burden.
Many exemptions are available for residential and commercial property owners, so it’s essential to research them and determine which exemptions would apply to your property. You can save significant money on property taxes with the right combination of exemptions and deductions.
Keep reading to learn more about how to take advantage of property tax exemptions and start saving today!
Homestead Property Tax Exemption
The most common exception. Any homeowner in Texas needs to apply for the Homestead property tax exemption. It allows homeowners to deduct a portion of the value of their homes from their taxes. The deduction amount varies depending on the county but ranges from $5,000 to $40,000. To be eligible, you must be a permanent home resident, and the home must be your primary residence.
Inherited Residence Homesteads in Texas Property Tax Exemption
If you inherit a residence homestead in Texas, you may get an exemption from property taxes if you follow certain requirements. To qualify for a property tax exemption for an inherited residence homestead in Texas, you must use the property as your primary residence for at least one year after inheriting it. Additionally, you must prove that you are related to the deceased owner and that the ownership of the residence homestead has not changed since the owner died. If you meet these requirements, you may be eligible for a partial or full exemption from property taxes.
Age 65 or Older or Disabled Persons in Texas Property Tax Exemption
In Texas, citizens 65 years of age or older or disabled are eligible for a property tax exemption. This exemption will reduce the property’s taxable value by $10,000, which can significantly reduce property taxes. To be eligible, the applicant must own and occupy the property as their primary residence and meet certain income requirements. It is important to note that the exemption is only available for the applicant’s home; it is not transferable to other properties. If you qualify for this exemption, please contact your local tax assessor for more information on how to apply.
Disabled Veterans and Surviving Spouses Property Tax Exemption
Disabled veterans and surviving spouses can apply for tax exemptions on their homes. To be eligible, the veteran must have a permanent disability acquired during active duty military service, and the surviving spouse must be the legal owner of the property.
Surviving Spouses of First Responders Killed in the Line of Duty Property Tax Exemption
In Texas, surviving spouses of first responders killed in the line of duty are eligible for a property tax exemption. The surviving spouse may be eligible for a 100% homestead exemption from property taxes on the home they occupied at the time of the first responder’s death. To qualify for the surviving spouse (has not remarried since the first responder’s death) for exemption, the surviving spouse must provide proof of the first responder’s death and then apply for the exemption to their local appraisal district. The surviving spouse must still occupy the home at the time of application to qualify for the exemption. Additionally, the exemption only applies to the homestead and not any other property the surviving spouse may own.
Solar and Wind-powered Energy Devices Property Tax Exemption
In Texas, homeowners and businesses who install solar and wind-powered energy devices are eligible for a property tax exemption. This means that the property’s assessed value is not increased due to the installation of the energy devices. This exemption allows homeowners and businesses to save money on property taxes while reaping the benefits of renewable energy. The exemption applies to residential and commercial properties and can last up to 10 years.
Agricultural Property Tax Exemptions
Agricultural exemptions are available to any landowner using land for agricultural purposes. This includes land for crops, livestock, and other agricultural purposes. To qualify, you must be engaged in farming activities and prove that the land is used for agricultural purposes.
Charitable Organizations, Places of Worship, and Certain Businesses Property Tax Exemption
Texas offers a property tax exemption for charitable organizations and businesses. Places of worship may also be eligible for tax exemptions. To qualify, the place of worship must be an official religious institution used primarily for religious activities. We recommend working with a professional commercial property tax advisor for anything other than residential properties. Our parent company, Assessment Technologies, is a great place to start exploring reducing your commercial property taxes.
Apply ASAP to ensure you get all the property tax reductions you deserve!
We hope this page has helped provide an overview of the various tax exemptions available for property owners in Texas. For business property tax exemptions, please get in touch with our commercial property team at Assessment Technologies, the leader in commercial property tax reductions.
Please get in touch with your local county tax office for more information if you have any questions or want to learn more.