(210) 378-3931 ashley@hartrealtyteam.com

Appraised, Market, and Assessed Value

Written By Ashley Hart

Education

It’s no secret, we are deep in the HART of a Seller’s Market. And with a Seller’s Market often comes issues with appraisal values. But what exactly is the difference between market value, assessed value, and appraised value…and how might each impact a potential sale or home purchase?

Did you buy a home in 2021? Don’t forget to file your homestead exemption!

Originally Published on February 2, 2022

WHAT IS HOMESTEAD EXEMPTION?

Homestead exemptions are granted by the county appraisal district where the property is located.

A homestead exemption is a special provision that reduces a homeowner’s property tax bill by removing part of the home’s value from taxation.

All Texas homeowners are able to apply for the exemption on their primary residence.

HOW DO I KNOW IF I QUALIFY?

You may now apply as soon as you close on your home, which is new for 2022.

You must own your home and it must qualify as a residence on January 1st of the year for which you are applying.
You may only claim one property in Texas at a time as a homestead.

Only individual homeowners (not corporations or entities).

HERE’S AN EXAMPLE:

If your home is worth $400,000, and your local property tax rate is 1%, then you’d normally owe $4,000.
But if the homestead exemption is $25,000, then you’re taxed like your property is worth $375,000 — meaning you owe just $3,750.

HOW DO I FILE?

Collin County
collincad.org, 469/742.9200
Dallas County
dallascad.org, 214/631.0910
Denton County
dentoncad.com, 940/349.3800
Tarrant County
tad.org, 817/284.0024
Johnson County johnsoncad.com, 817/648.3000
Texas Comptroller
www.window.state.tx.us

Sign Up For News & Updates

1 + 14 =

Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.

More Posts

How to WIN in a Seller’s Market

How to WIN in a Seller’s Market

Real estate in 2021 has been a wild ride! Inventory shortages and increased buyer demand has created a severe imbalance throughout the industry. Prices have escalated as houses continue to be listed and sold for well over expected value.
Should buyers lose hope? NO!