It’s hard to believe it is already 2016!
With the New Year come many new changes. We all get so caught up in trying to achieve our new year’s resolutions that we tend to forget the important things that just aren’t on the top of our list. Filing a homestead is commonly overlooked, but can be costly if not completed. Why? Travis County offers a 20 percent exemption for the Homestead exemption. If your property were valued at $300,000 and you qualify for the 20 percent Homestead exemption from the county ($60,000), you would pay county taxes on your home as if it were worth only $240,000.
If you purchased a home in 2015 that is your primary residence you qualify for a homestead exemption. Filing for a homestead exemption is completely free. An exemption removes part of the value of your property from taxation and lowers your tax bill. Who doesn’t like saving money? The amount of savings depends on the exemption and the amount of exemption allowed by each taxing unit. Here are the steps to filing your homestead Exemption.
- Download the form here http://comptroller.texas.gov/taxinfo/taxforms/50-114.pdf.
- Print, sign, and scan the form and email it to firstname.lastname@example.org or you can file in person at the Travis Central Appraisal district at 8314 Cross Park Drive, Austin, TX 78754.
You will need a valid driver’s license or Tax ID Card with your current address on it to be able to apply for the homestead exemption. Make sure to add this to the top of your to-do list. It is a simple process that will save you money on your taxes every year! You just have to file once. Happy New Year!