PART 5: Property Tax Exemptions

Your property taxes have been increasing and you’re not sure why. Video #5 And in this one, we’re going to talk about exemptions. Exemptions are basically discounts on your property taxes that you either qualify for or the property itself qualifies for. Major ones we’re going to talk about are Homestead, over 65, disabled, vet, and AG exemption. If you want to start off by saying you have to apply for these things, If you’re not sure that you have them, call the appraisal district and the deadline is April the 30th. 1st up is Homestead. Homestead is your primary residence and you can only have. 1 Homestead could have multiple structures on it, like a a barn, a workshop, anything that is quote UN quote for residential use. We have multiple buildings on there that you rent out or you rent to others. That part does not. Qualify for homestead exemption. It reduces your taxable. It reduces your taxable value for the school district taxes and also it helps you qualify for a 10% cap. Year over year of what they could increase your assessed value to be. If you purchased a house this past year from somebody who had it as their primary residence, that does not automatically roll over to you. You have to go in and you have to apply. 5 Remote set exemption if you’re over 65. You can go in and qualify for. A lot of people thinks it freezes the value on your house and it. Not necessarily Breeze is for the portion that is for school taxes and in some counties it could be for city, junior colleges, all that stuff. So you need to ask your county that you live in and it’s the year that you turned 65. There’s also something within 65 that’s something called porting or porting the percentages. I’ve done a video on this a while back and again, I don’t know how to link it, but if you’re over 65 and you live in Dallas and you’re wanting to move to another area to be closer to family, but you’re scared because that the assessed. She has stayed low because of your exemption and you’re afraid if you move somewhere else, you’re gonna totally lose that start back over and that’s not true. You could take advantage of your savings that you had in the previous location to this one you need to just ask about. Finally, one of the greatest ones I love is the disabled vet property tax exemption. They have so many benefits and I honestly think it’s the least that we can do. It’s based on the US Department of Veteran Affairs disabled ratings. The higher the rating, the larger your. I’ve seen it to be up to 100% where they’re not paying any property taxes in most cases. Most cases but you need to check you are the surviving spouse. Then you get to take advantage of that exemption. Also, if you move home after your spouse has passed away in most cases or some cases you can transfer that over to a new homestead. AG exemptions whole another video is for people who have agricultural property. I want to finish this by saying do not take all of this as gospel these. Are factual things they might apply differently to the county that you’re in. I mean, if you don’t know where to start, just walk in there and say I want to know what kind of exemptions I might qualify for. Help you. Your property taxes have been increasing and you’re not sure why. Video #5 and in this.