Its been famously said that April Showers bring May Flowers. However, to avoid the taxman from raining on your parade, eligible Texas property owners should timely file for their Homestead Tax Exemption. After all, the only thing sweeter than the smell of roses come May is the smell of hundreds or even thousands of dollars in property tax savings.
As a general rule under the Texas Tax Code, the purchaser of a property is eligible to file for a Homestead Exemption when the property is utilized as their primary residence. However, the property owner must generally file their application for Homestead Exemption between January 1 and April 30th of the year for which the tax exemption is being requested. With April 30th just around the corner, eligible property owners desirous of taking advantage of the Homestead Exemption should complete and file Form 50-114 “Application for Residence Homestead Exemption” (available on the Texas Comptroller of Public Accounts website). For information about acquiring the right property for you, please contact your Austin City Realty Agent but for additional information about Texas’ Homestead Exemption, please contact your legal representative.