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!
How to WIN in a Seller’s Market
Written By Ashley Hart
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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You’ve decided to sell! HOORAY!
The next decision? HOW will you sell?
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?