Save on Property Taxes in Austin with Homestead Exemptions
A homestead exemption can reduce the taxable value of your primary residence, cutting your property tax bill. In Austin, here’s what you need to know:
- Eligibility: Own and live in your home as of January 1 of the tax year.
- Types of Exemptions:
- Basic Home Exemption: Reduces school district taxes.
- Senior/Disability Relief: Tax cap for homeowners 65+ or with disabilities.
- Veterans’ Relief: Disabled veterans may qualify for significant or total exemptions.
- Deadline: File by April 30 with the Travis Central Appraisal District.
Once approved, exemptions stay in place unless your primary residence changes. Apply now to save on property taxes!
Homestead Exemptions
Who Can Get a Homestead Exemption
In Austin, to qualify for a homestead exemption, you must both own and live in your home as your primary residence as of January 1 of the tax year you’re applying for.
Available Homestead Exemptions in Austin
Homeowners in Austin have access to several exemptions that can reduce the taxable value of their property.
Basic Home Exemption
This exemption lowers the portion of your home’s value that is subject to school district taxes. It deducts a set amount from your home’s appraised value.
Senior and Disability Relief
If you’re 65 or older, or have a qualifying disability, you may be eligible for a tax cap on school district taxes. This cap prevents increases in those taxes, offering some stability. However, if you qualify under both categories, you can only select the option that offers the most savings.
Veterans’ Property Tax Relief
Disabled veterans can receive exemptions based on their VA-assigned disability ratings, which can substantially reduce their taxable property value. Veterans with a 100% disability rating – or their surviving spouses – may qualify for a complete property tax exemption on their primary residence.
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Filing Your Homestead Exemption
Submit your homestead exemption application by April 30 to take advantage of property tax savings. Missing the deadline could delay your tax relief, so it’s essential to file on time.
Check the latest requirements and deadlines with the Travis Central Appraisal District to ensure your application is accurate and complete.
Facts vs. Myths: Homestead Exemptions
Let’s clear up some misunderstandings about homestead exemptions.
Applies to Primary Residence Only
Homestead exemptions are limited to your main home. For example, if you live in a house on Barton Springs Road but also own a rental property in South Congress and a vacation home near Lake Travis, only the Barton Springs Road property qualifies. Secondary properties like rentals or vacation homes don’t count.
No Need to Reapply Annually
A common question from Austin homeowners is whether they need to reapply every year. The good news? Once your homestead exemption is approved, it stays in place as long as the property remains your primary residence. No annual reapplication is required.
Conclusion: Save Money with Homestead Exemptions
Homestead exemptions reduce the taxable value of your primary residence, cutting down your yearly property tax expenses. Be sure to apply as soon as you establish residency, and inform the tax office if you change your primary residence.
If you need help, reach out to local professionals like Austin Local Team (https://localteam.ai) for advice on optimizing your tax savings. You can also keep up with local market trends and tax updates by signing up for real estate newsletters.
