The State of Texas developed Homestead Laws that were to grant survivors of a deceased homeowner the right of occupancy, to protect a home from creditors and lastly to afford a reduction on your property tax.
In general, when people talk about the homestead exemption, they are talking about the tax reduction.
What is the benefit?
In San Antonio, the homestead exemption may allow for up to $25,000 in exemptions on your school taxes.
For example, if your home is appraised by Bexar County for $150,000, you would qualify for a $25,000 exemption. Your home would then have a taxable value of $125,000 and with this exemption, you would have saved over $200.
There are also additional exemptions for both those over 65 and disabled veterans.
What are the requirements and how to apply?
According to the Bexar County Appraisal District Website:
“The Texas legislature enacted changes to residence homestead applications
beginning September 1, 2011. These applications must now be accompanied by:
• A copy of the applicant’s driver’s license or state‐issued personal identification certificate
The address of the property must match the address on the driver’s license or state‐issued personal identification certificate”
What about our military personnel who have a driver’s license from another state?
Section 5 of the form allows for a waiver of the requirement that the driver’s license match the property address. They need to provide a copy of their military identification card or that of their spouse and a copy of a utility bill for the property subject to the claimed exemption in their name or their spouse’s name.