Did you know that in September 2021, the Texas Legislature changed the way Homestead Exemptions in Texas work?
Texas REALTORS® supported this legislation because it provides homeowners with a way to lower their property's taxable value and save money on their property taxes. This new law unanimously passed both chambers of the 87th Texas Legislature.
This law is effective beginning January 1, 2022 and will provide property tax relief by allowing homebuyers to file for homestead exemptions in the year when they purchase the property. Previously, new homeowners had to wait until the following year to file for the exemption.
Is there still an April 30th deadline to file for homestead exemption in Texas?
No. The new law allows a home-buyer to apply for their homestead exemption immediately after the purchase of their property. The new law went into effect on January 1, 2022, and there is no longer a requirement of applying by April 30. However, a new homeowner must apply for the exemption before the first anniversary of the date they acquired the property. (Please note: the April 30 deadline still applies for other types of exemptions)
Was there a change to the process for filing for the homestead exemption in Texas?
Although the time line is different (beginning January 1, 2022), the process to actually file for a homestead exemption should be similar to prior years. Homebuyers should check with their central appraisal district for more detailed instructions.
If you are planning to buy a home in North Texas, give our real estate experts a call at 469-759-3899.