Have you recently bought a home in El Paso, or a homeowner looking to keep more of your hard-earned money? If so, you should consider applying for a homestead tax exemption. In Texas, homeowners who qualify can take advantage of an annual tax break on their residence by filing for the homestead exemption. Let’s take a look at the ins and outs of the homestead exemption, how it works, and how you can apply.
What is a Homestead Tax Exemption?
A homestead tax exemption is a program that allows homeowners to deduct a portion of the value of their home from their taxes each year. In Texas, this program is administered by county appraisal districts and allows homeowners to save hundreds or even thousands of dollars each year on property taxes. The amount you save depends on the value of your home and other factors like your age or disability status.
Who is Eligible?
In order to qualify for a homestead tax exemption in El Paso, you must meet certain criteria.
This exemption is available to every homeowner. You can only claim this exemption on the property designated as your primary residence.
Additionally, if you are 65 or older, disabled or disabled veteran — additional exemptions may be available!
Over 65 Exemption
A person who is 65 or older may receive additional exemptions. You are eligible for these exemptions as soon as you turn 65 and you don’t need to be 65 as of the first of the year to apply.
Surviving Spouse Of A First Responder Killed In The Line Of Duty
You can qualify for this exemption if you are the surviving spouse of a first responder who is killed or fatally injured in the line of duty; and you have not remarried since the death of the first responder.
Disabled Veterans / Surviving Spouse Exemption
You can qualify for this exemption if you have a disability rating of 100% or individual unemployability from the Veterans’ Administration and you receive 100% disability payments from the VA. You can also apply for this exemption if your disability is between 10% and 90%. Your disability must be service connected. In order to obtain the exemption, the property must have a Homestead exemption and a letter from the Veterans Benefits Administration Office is required.
To find out more information regarding eligibility requirements visit https://comptroller.texas.gov/taxes/property-tax/exemptions/homestead/.
How Do I Apply?
Applying for a homestead tax exemption is fairly straightforward. Applications may be submitted online or in person at your local county appraisal district office. Generally speaking, applications must be submitted no later than April 30 of the tax year for which you are applying in order to be eligible for the current tax cycle.
You may download an application online at:
or visit the Texas Comptroller Website:
Applying for a homestead tax exemption can help you as a homeowner keep more of your hard earned money while still contributing towards your local school districts and other services within your community! With just one simple application form per year, this simple process could potentially save you hundreds or even thousands over time on property taxes — so why not give it try today? You can Contact Us to help you get started!