HOUSTON — Texas voters approved a number of property tax changes that could save some homeowners hundreds of dollars. With your 2023 tax bill due at the end of this month, there are some changes to keep an eye on.
homestead exemption
As part of an $18 billion property tax relief package, Texas homeowners will see their homeowner's home assessed value exemption increase from $40,000 to $100,000 on their property tax bill. Become.
If you have an existing home, the changes will be applied automatically. However, if you do not have a housing exemption, we recommend that you apply for one.
The form can be found on your county's appraisal district's website. You must have a Texas driver's license or ID card with matching address and must own and occupy real property.
The average homeowner will save $1,200, according to the Texas Legislature. People over 65 and people with disabilities could expect to save up to $1,400 on average. The amount you save depends on the value of your property.
“I really think the most important thing for property owners is to know that keeping an eye out for tax appeals is like annual maintenance,” says property tax attorney Charles Denson. he says. Gil Denson & Company he told KHOU11.
Property tax lawyers say if you haven't applied, you can retroactively claim the exemption two years after you move into your home.
for Harris County Homeownersyou can find information about that process if: click here.
Evaluation of areas other than residential areas
Texas imposes a three-year cap on increases in assessed values for non-residential properties. Appraised value applies to properties under $5 million and cannot increase by more than 20%.
Denson said this could save some property owners thousands of dollars.
“Twenty percent still seems like a lot,” Denson said. , 30%, 40% and even 100% is not uncommon.” % will increase according to your worth. So this is very useful for people who have secondary assets. ”
In 2023, 95% of all real estate values in Harris County increased from the previous year. Residential real estate grew by 16% and commercial real estate by 21%.
If you have other questions about property taxes, you can find answers on your local assessment district's website.
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