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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?

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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

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