Video instructions and help with filling out and completing Can Form 8815 Exempt

Instructions and Help about Can Form 8815 Exempt

Taxes nobody likes them everybody pays for them I'm sure when you thought about purchasing at 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 cleaning at home city section 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 and 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's a few criteria that you have to meet first of all you have to own your home and have to 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 cleaning your home selection secondly how much is your homestead exemption well touches long mandates that all school districts must provide a $25,000 exemption for property tax so if your home is worth $100,000 that means that 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 we based on where you live Travis County offers a 20% exemption your property taxes in Williamson County offers a $3,000 exemption on a special tax for roads it's also important to know that with your homestead exemption the county cannot raise the appraised value of your home by more than 10 percent each year even if the actual value is greater with the current rate of appreciation we've seen over the past few years a lot of homeowners are saving money on their property tax because of that provision third question is what other exemptions are available well the most common other exemptions are a senior citizen exemption a disabled exemption and an exemption for disabled veterans for both the Senior exemption and the disabled exemption school districts are required to give a $10,000 exemption for your property taxes but you can only claim one of the other even if you qualify for both when you turn 65 you may also qualify for tax sealing that is the school district may not increase your taxes as long as you live in that home the veterans exemption is the disabled veterans and their surviving dependents it entitles a disabled vet an exemption equal to a service-connected disability up to 100 Center I put a list of all the exemptions available to you in Texas in the link below another question I often get is how do I apply for my homestead exemption well if you receive a piece of mail that offers to follow your homestead exemption for you for a fee of 40 or 50 dollars that is a scam and do not do it you can claim your exemption it for free simply by going to your County Tax website downloading the form and million yourself so please save yourself some money by doing it that way in the notes below I put links to most of the forms you need for the counties in Central Texas you can file your form as early as January 1st but the deadlines that you must file out by is April 30th anyways I hope this real answers been helpful for you please go to my website and sign up receive updates with more real answers because if you don't need it I guarantee you of a friend or family member who needs honest answers to their real estate questions thank you so much for watching this is real estate and that is the real answer Music