Those planning to become homeowners can now save thousands of dollars on property taxes this 2022! Yes, homestead exemptions help property owners potentially reduce their property’s taxable value.
The new law that came into effect this January 1, 2022, offers property tax relief to homeowners by allowing them to file for homestead exemptions in the year they purchased the property, however, it has to be their primary residence. It was not the same last year, where homeowners had to wait until the next year to file for an exemption.
According to Mary Crigler, Travis County’s Chief Appraiser, homestead exemptions saved property owners in TCAD an average of $1,126 on their 2021 property taxes, and today, property owners are likely to see even more reductions with the new changes in the laws and policies. She also said the new year is going to offer a chance for property owners to vote on the property tax exemptions. This might lower the biggest contributor which is the school district taxes from the homeowners’ property tax bill.
Residence homestead exemption for city property taxes is to increase from ten percent up to a maximum of 20% in accordance with the state law as approved by the city council.
Travis county property owners should keep an eye out as TCAD is likely to start a series of webinars with regards to the homestead exemptions and other tax-related issues from the 12th of January, 2022. The series will cover all about property tax bills, appraisal remedies, and other payment options as well.