Homestead Exemptions for Townhomes and Condos in Texas

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CB JENI Lifestyle homes, real estate professionals building new townhomes in Richardson, McKinney and Arlington, Texas, provide homeowners an overview of property tax exemptions.

What are homestead exemptions and can I benefit from them if I have a townhome or condo?

Homestead exemptions are a privilege given to homeowners who live in particular states and have a primary residence. Exemptions help you save money by adjusting the value of your property that would be taxed otherwise. So, if your home is valued at $400,000 and you qualify for a $20,000 exemption, your home would be taxed as if it was worth $380,000.In Texas, homestead exemptions are extended to those who are condominium and townhome owners as well. Some additional documents may be required, however, to prove that you own and reside in the state. 

How do I declare a homestead exemption?  

You will need to complete the state’s exemption forma and submit it to your appraisal district office. In order to receive exemption for that year, you will need to have lived in the condo or townhome starting January 1st of that year unless you are a senior citizen turning 65. The state also requires a driver’s license or state-issued personal identification certificate, vehicle registration or an affidavit that proves you do not have an automobile, and a utility bill in your name with the address of the property you want to declare exempt. 

Let's say I do qualify for an exemption. What are the restrictions? 

You will only be able to apply your homestead exemption to your primary residence. Other property like vacation homes, for example, are not exempt - even if they are outside the boundaries of your primary residence's jurisdiction. 

Important: In Texas, deductions can be equal to 20 percent of your home’s value. Any additional exemptions will also be accepted for seniors, county taxes and the disabled.  

How much time do I have?

Residential homestead exemption applications are to be filed between January 1, 2014 and April 30, 2014. For guaranteed acceptance it would be best if your application is postmarked by April 30, 2014 so that the district has time to process it before you receive your tax statement in the fall. 

Learn more about CB JENI Lifestyle Homes available in Dallas-Fort. Worth by calling 972-905-5001 or visiting our website