The State of Texas enacted Homestead Laws to protect survivors of a deceased homeowners by granting them the right of occupancy, to protect the homes of individuals from creditors, and, lastly, to allow for a reduction in property taxes on primary residences.
What does this mean to San Antonians?
The Homestead Exemption allows San Antonio homeowners up to $15,000 in exemptions on the school tax portion of their property taxes. For example, in Bexar County, if you live in your primary residence appraised for $200,000, you can potentially qualify for a $15,000 exemption. After applying for your Homestead Exemption, your taxable home value would be $185,000. This can save you over $250 annually.
In order to qualify, you must have been a Texas resident on January 1st AND have occupied your current home on January 1st. What this means is that if you bought your home on January 3rd, you will have to wait until the next year to apply.
If you are over 65 years old or disabled, you may qualify for unique exemptions under Homestead Law.
What are the criteria for applying and where do you apply for a Homestead Exemption?