A Homeowner’s Guide to Technical Terms in Real Estate. There are so many technical terms in residential real estate, I thought I’d provide a glossary to help you navigate them!
Appraised, Market, and Assessed Value
Written By Ashley Hart
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?
Johnson County johnsoncad.com, 817/648.3000
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