Make sure you’re taking advantage of these legal deductions you are 100% entitled to.

I’m always surprised when I meet a homeowner who never knew they were entitled to a significant reduction on the taxes they pay for the home they live in. I’ve met a few though, and with the May 1st deadline to file drawing near, I thought it might be a good idea to tell the world for anyone who may not be aware.

Property taxes are taxes paid by real property owners (real estate) and are appraised and paid at the local county/city level.  They are the primary source of income for municipalities, and they pay for schools, police and fire departments and other emergency services, libraries, local roads and other local items decided by councils and voters.  The amounts and incremental increases vary by jurisdiction.

You can lower your property taxes by filing for exemptions for which you qualify.  These exemptions lower the taxable value of your home and there are several, both partial and full.  They can be substantial, so you may want to check them out:

Homestead Exemption – This is a reduction in the taxable value of your primary residence, but it isn’t automatic when you buy your home.  You have to file an exemption request form for it and the deadline is May 1st.  This reduction is worthy of attention, and you shouldn’t let it slide.  It can be up to or more than $25,000 off of your homes taxable value.   You have to have owned and lived in your home as of Jan 1st to qualify for that year, but once you file, you don’t have to file again.  The exemption remains until you sell the home or change the status from primary to some other form like using it as an income property.

65 OR OLDER OR DISABLED – The owner of the house must be age 65 or older and reside in the home.  If the owner passes away and the spouse if older than 55 and lives in and owns the home, the spouse is eligible for the exemption.

A disabled person who meets the criteria for disability insurance under the Federal Old-Age, Survivors and Disability Insurance Act also qualifies.

MOBILE HOMES AND CO-OP HOUSING – May qualify but there are detailed provisions concerning ownership.

DISABLED VETERANS EXEMPTIONS – The amount of the exemption is determined according to a percentage of service-connected disability.

Other exemptions you may qualify for:

SURVIVING SPOUSE OF A FIRST RESPONDER

CHARITABLE ORGANIZATIONS

COMMUNITY LAND TRUSTS

PRIVATE SCHOOLS

Visit https://comptroller.texas.gov/taxes/property-tax/exemptions for a complete list of exemption options and qualifications.