Property taxes are a burden for many taxpayers. Unfortunately, it’s an extra added burden for seniors in Texas. But Texas has given many exemptions and other ways to reduce property taxes of senior residents.
Over 65 homestead exemption
The over-65 homestead exemption can permanently freeze the total amount that is necessary for paying school property taxes. When you have applied for an over-65 homestead exemption, school property taxes will be freezed at the particular rate when you are applying for an exemption.
The property taxes may only increase if you are renovating your property or adding more value to it. Replacing expensive things like HVAC units or lights will not add to your property tax bill. Seniors who opted for over 65 exemption can take the opted exemption to anywhere within texas.
Frozen school taxes percentage
Once seniors opt for homestead exemption, the school taxes are frozen at the same rate of the year they applied for. For instance, the assessed value of school taxes is $250,000 and the market value at the current time is $300,000. The school property taxes are being frozen at 72% of the market value. If you are planning to buy a new home in the near future, the same market value of your previous home will be applied.
How to apply?
The process can be completed if you get a tax ceiling certificate from your previous residence county. No fees are collected for homestead exemption. To get an overview of the tax ceiling certificate, here is a PDF to help you.
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