Like homeowners in any other state, residents in Texas have to pay their fair dues in property taxes. These taxes can quickly become overwhelming for those that are new to owning a home. Fortunately, there are a few tips and tricks you can take advantage of.
In Texas, homeowners can look into various property tax breaks that they can potentially use so they aren’t spending so much on property taxes annually. Check out some of these property tax breaks if you’re someone who owns property in the Lone Star State.
Disabled & Senior Citizens
Whether you’re disabled or a senior citizen, it can be tough to pay off your yearly property tax when you’re on a fixed income. Fortunately, the state of Texas offers something to help these individuals out.
For those that are over 65 or disabled, you are eligible for a $10,000 exemption from school taxes. Depending on the county you live in, you might also be eligible for more exemptions with your living status. Look more into how your age or disability can factor into you paying less in property taxes here.
In the United States, homesteads are a little more rare these days compared to what they once were. However, some people do still have them, and Texas likes to recognize those people by offering a homestead tax exemption.
With a homestead tax exemption, you can be exempted from $25,000 in yearly school taxes no matter what county you live in. Those living in separate resident homesteads also have the bonus of an exemption up to 20% of a property’s value as long as the total isn’t over $5,000. Make sure you keep note of this tax exemption if you are someone who owns a homestead.
Like many other states, Texas likes to take care of its military veterans. They do this through tax exemptions that all disabled veterans are eligible to receive. However, this tax exemption can differ based on your age and level of disability.
For example, you can receive the highest possible tax exemption of $12,000 if you are someone over the age of 60 are at least partially blind. Any disabled veteran should look into these tax exemptions to ensure they aren’t paying too much in property taxes on a yearly basis.