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Property Tax Exemptions for Homeowners

HOW TO FILE FOR YOUR HOMESTEAD EXEMPTION

Homestead exemptions remove part of your home’s value from taxation which, depending on the value of your home, could potentially save you thousands each year. If you want to receive a Homestead Exemption for the taxes on your home, your home must first qualify as a residence homestead on January 1 of the year in which you are applying.

HOMESTEAD EXEMPTION DEADLINE

You can apply for a Homestead Exemption as early as January 1 and no later than April 30.

HOMESTEAD EXEMPTION REQUIREMENTS

In order to apply for a Homestead Exemption, you must own your home as well as occupy your home as your principal residence on January 1 of the year for which you are requesting an exemption.

  1. You must own your home as of January 1
  2. You must occupy your home as your principal residence as of January 1

An Application for Residential Homestead Exemption can be found at the Forms Page under the Homestead Exemption Section. Click Here

HOMESTEAD EXEMPTION FREQUENTLY ASKED QUESTIONS

What is a Homestead Exemption?

A homestead can be a separate structure, condominium, or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres if the land is owned by the homeowner and used as a yard or for another purpose related to the residential use of the homestead.

Do all homes qualify for Homestead Exemptions?

No, only a homeowner’s principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home’s owner must be an individual (not a corporation or other business entity) and use the home as his or her principal residence on January 1 of the tax year. If you are age 65 or older, the January 1 ownership and residency are not required for the age 65 Homestead Exemption.

Do I, as a homeowner, get a tax break from property taxes?

You may apply for Homestead Exemptions on your principal residence. Homestead exemptions remove part of your home’s value from taxation, so they lower your taxes. For example, if your home is appraised at $100,000, and you qualify for a $25,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $75,000. Taxing units have the option to offer a separate exemption, too. Click here to read about how to know if you qualify for Homestead Exemptions and what kind of exemptions are available to all homeowners.

What Homestead Exemptions are available?

There are several types of exemptions you may receive.

School taxes: All residence homestead owners may receive a Homestead Exemption from their home’s value for school taxes.

County taxes: If a county collects a special tax for farm-to-market roads or flood control, a residence homestead owner may receive an exemption for this tax. If the county grants an optional exemption for homeowners age 65 or older or disabled, the owners will receive only the local-option exemption.

Age 65 or older and disabled exemptions: Individuals 65 and older and/or disabled residence homestead owners may qualify for a Homestead Exemption for school taxes, in addition to the exemption for all homeowners. If the owner qualifies for both the exemption for 65 and older homeowners and the exemption for disabled homeowners, the owner must choose one or the other for school taxes. The owner cannot receive both exemptions. Click here to read about exemptions, limitations, and special instructions for homeowners age 65 and over and homeowners with disabilities.

Optional 65 or older or disabled exemptions: Any taxing unit may offer an additional exemption amount for taxpayers age 65 or older and/or disabled.

City of New Fairview Homestead Exemption (Tax Code 11.13): $10,000 of assessed value for disabled or 65 years of age or older (may only qualify for one exemption per Tax Code)

Disabled veteran homeowners: Click here for more information about exemptions, limitations and special instructions for disabled veteran homeowners.

City of New Fairview Disabled Veteran or Surviving Spouse Exemption (Tax Code 11.22):

$5,000 of assessed value for 10% but less than 30% disabled; or

$7,500 of assessed value for 30% but less than 50% disabled; or

$10,000 of assessed value for 50% but less than 70% disabled; or

$12,000 of assessed value for 70% or greater disability.

Over 65 or disabled Tax Freeze (Tax Code 11.261): The tax bill will never be greater than the first tax bill they received.

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