Understanding the Commencement of Texas’ New Homestead Exemption- Key Dates and Updates
When does the new homestead exemption start in Texas? This is a question that many homeowners in Texas are asking as they seek to understand the changes that have been made to the homestead exemption laws. The homestead exemption is an important legal protection that helps homeowners save money on property taxes, and any changes to these laws can have significant implications for homeowners across the state.
The Texas homestead exemption has been a cornerstone of property tax law for many years, providing homeowners with a way to protect their primary residence from excessive property tax assessments. The new homestead exemption rules, which were recently passed by the Texas Legislature, are set to take effect on January 1, 2023. This means that homeowners who qualify for the exemption will be able to benefit from the new provisions starting with their property tax bills that are due in 2024.
Under the new homestead exemption rules, eligible homeowners will be able to claim a $25,000 exemption on the value of their primary residence. This is an increase from the previous $15,000 exemption, which means that homeowners will be able to save a significant amount of money on their property taxes. Additionally, homeowners who are over the age of 65, disabled, or who have a disabled spouse may be eligible for an additional $10,000 exemption, bringing the total potential exemption to $35,000.
To qualify for the new homestead exemption, homeowners must meet certain criteria. They must own and occupy the property as their primary residence, and they must file an application with their local county tax assessor-collector’s office. It’s important to note that the deadline for filing the application is typically April 30th of the year in which the exemption is to take effect, so homeowners should act promptly to ensure they receive the full benefit of the new exemption.
While the new homestead exemption rules are designed to provide financial relief to homeowners, there are some important considerations to keep in mind. For example, homeowners who have already claimed the homestead exemption under the old rules may need to re-file their application to ensure they are eligible for the increased exemption amount. Additionally, homeowners who move to a new primary residence after January 1, 2023, will need to file a new application to claim the new homestead exemption.
The Texas Comptroller’s Office has provided resources and guidance to help homeowners navigate the new homestead exemption rules. Homeowners can visit the Comptroller’s website or contact their local county tax assessor-collector’s office for more information on how to apply for the exemption and what documentation is required.
In conclusion, the new homestead exemption rules in Texas are set to start on January 1, 2023, and will provide significant financial benefits to eligible homeowners. By understanding the eligibility requirements and the application process, homeowners can ensure they take full advantage of this important tax-saving opportunity.