Can Form 8815 Exempt 2024-2025

Taxes, nobody likes them. Everybody pays for them. I'm sure when you thought about purchasing a home, you heard about the tax savings you can get from that. Well, now you own your own home and you pay your own property taxes. You want to pay us the widows, you have to because who wants to pay more? Well, the good news is that you can reduce the property taxes that you pay by claiming a homestead exemption. Hi guys, I'm Kyle Favi, and welcome to Real Estate Real Answers. Here, we provide you with honest answers to your real estate questions. Today, I want to help you understand how you can save money on your property taxes by claiming a homestead exemption. First of all, what is a homestead exemption? Well, a homestead exemption removes a slice of your home's value from being taxed. A homestead is any structure, condominium, or manufactured home, a piece of property that you own of less than 20 acres. To claim your homestead exemption, there are a few criteria that you have to meet. First of all, you have to own your home and use it as your primary residence as of January 1st in the year for which you are applying for your homestead exemption. Also, the address on your driver's license or state-issued ID has to match the address of the property for which you're claiming your homestead exemption. Secondly, how much is your homestead exemption? Well, Texas law mandates that all school districts must provide a $25,000 exemption for property tax. So if your home is worth $100,000, that means you're only going to be taxed on $75,000 of that. Texas law also allows other tax units to provide exemptions to you if they choose, and that may be based on where you live. Travis...