Texas Homestead Exemption Explained 🏡 [Updated 2021]
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Күн бұрынTexas Homestead Exemption Explained - Updated 2021
Have you ever wondered what a Homestead Exemption is, why you should care about it and how to actually use it?
Wonder no more, in this video we cover the Homestead Exemption at length!
Important Links
Collin Homestead Exemption (bit.ly/2GdZY4b)
Dallas Homestead Exemption (bit.ly/2RWEW1c)
Denton Homestead Exemption (bit.ly/2S0j5G0)
Ellis Homestead Exemption (bit.ly/2DJbEua)
Tarrant Homestead Exemption (bit.ly/2SbhaxV)
Texas Comptroller Website (bit.ly/2DJMqfp)
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🔎 Sources: Niche, Wikipedia, TravelTime, Census, Google, NTREIS
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@jeprusan 2 жыл бұрын
Thank you so much for the information! Your video was brief, comprehensive, and very easy to understand.😊👍🏼
@TheInvestedHomeowner 2 жыл бұрын
I appreciate you. Thanks for watching
@lllivivien56 3 жыл бұрын
Thanks for the tips! 1st day of 2021, this is my 1st thing on my todo list this year!
@TheInvestedHomeowner 3 жыл бұрын
Yes!!! Have you filed it?
@lllivivien56 3 жыл бұрын
@@TheInvestedHomeowner I did. Got a email saying it was submitted successfully. Now what? I don't know if I'm supposed get anything back?
@omejiam.2301 4 ай бұрын
New to your channel here 👋🏿 on Sunday night, March 10, 2024 I found this video, listened twice & subscribed; went to the assessor on Tuesday, March 12, became homestead, and they knocked off 87$!! Got the form to contest the assessed value, because it's completely inaccurate, will get the images necessary and turn that in by Friday! 🎉❤🎉 I'll update when I get the agreement and the new tax amount; but so far, so good! Thank you so very much for doing this video, Jaime! 🎉🎉🎉
@TheInvestedHomeowner 3 ай бұрын
Good luck :) Thanks for watching.
@omejiam.2301 3 ай бұрын
@@TheInvestedHomeowner Update 😊 It worked out very well 🎉 I now have a double homestead exemption 🎉🎉🎉 It went from 409$ to 102$!! 🎊🎉🥳🥳🎉🎊 Thank you for making this video!
@valakito93 4 жыл бұрын
Great video! Lots of helpful information for a first time homebuyer such as myself. I appreciate the simple vocabulary you use so we can all understand this process.
@TheInvestedHomeowner 4 жыл бұрын
Thank you! I appreciate support.
@LIBERTY0RDEATH 2 жыл бұрын
Thank you for all the information!!
@TheInvestedHomeowner 2 жыл бұрын
I appreciate you!
@shirleyhusar 4 жыл бұрын
Wonderful Video thank you.
@TheInvestedHomeowner 4 жыл бұрын
You're welcome. Thank you for watching.
@kingrubio3976 2 жыл бұрын
Thank you. Very well appreciated.
@TheInvestedHomeowner 2 жыл бұрын
I appreciate you watching!
@denniswetzler2024 5 ай бұрын
My county appraisal office was able to backdate my homestead 2 years. I was in the office for 20mins. Just made an appointment with the office and brought my title and DL with my DD214 and disabled vet paperwork. It was free and only took 20mins. Everyone should do it.
@TheInvestedHomeowner 5 ай бұрын
This is incredible! I'm so glad they did that for you! What county are we talking about? Not all are this generous unfortunately.
@HoloHoloAdventures 2 жыл бұрын
Great information. I appreciate it
@TheInvestedHomeowner 2 жыл бұрын
I appreciate you!
@vannievo2477 11 ай бұрын
Thanks for great infos!❤
@TheInvestedHomeowner 8 ай бұрын
Thank you for watching!
@Cryptur_ Жыл бұрын
Awesome video, really informative and I love how you are responsive to the questions in the comment section. I have a question myself, is there any way for a homeowner to receive the homestead exemption even knowing they do NOT have a driver’s license or Texas issued ID?
@TheInvestedHomeowner Жыл бұрын
hmm...that's a great question. They'll take a DL or a "Personal Identification Certificate" (although I have no clue what that is to be honest with you. I just looked it up on the website to see what other forms of ID you can provide them.
@GabrielAntoineBr 2 жыл бұрын
Many thanks !!!!!!!!
@TheInvestedHomeowner 2 жыл бұрын
You're welcome! Thanks for watching
@karimah8687 10 ай бұрын
These appraisals are ridiculous! I brought a brand new 750 square foot manufactured home in 2019 before everything went crazy high in Texas with .34 acres of land. I’m glad I got that homestead exemption because I would of been paying $3300 in property taxes instead of $1080. Total value went from $70,000 to $145,000 in several years. Zillow shows estimated value at $200,000.
@TheInvestedHomeowner 8 ай бұрын
Thanks for watching!
@NappyWayz 3 жыл бұрын
I purchased a home in TX. Every day there is a letter from companies offering the homestead service. I started mailing their letters back to them with my information ripped off. I have decided that I will waste them a little bit of money with the paid postage.
@TheInvestedHomeowner 3 жыл бұрын
Haha...yes!!!
@quan6729 Жыл бұрын
At dennys in Hawai’i but this is true food for thought
@TheInvestedHomeowner Жыл бұрын
Fascinating!
@sifatafreen5015 3 жыл бұрын
This is a very informitive video! We learned a lot.How much would be the senior cityzen didcount for the house of 200.000 after the homestead exemption of 25,000 ? Thank you so much.
@TheInvestedHomeowner 3 жыл бұрын
You'll need to check with your county. What county are you in?
@dixienormous25 3 жыл бұрын
You mention the cap on increasing assessed value. Does that still apply in the event you make upgrades to the property? IE building an additional home on the same plot of land?
@TheInvestedHomeowner 3 жыл бұрын
That's a great question. It would not.
@jcwitthuhn 3 жыл бұрын
Thanks for the info. I wanted to touch on the part about extra exemptions you mentioned. I am a disabled veteran and I understand I qualify for exemption from my service connection. Can I combined that exemption with the home stead or any additional exemptions I might qualify for? Thanks
@TheInvestedHomeowner 3 жыл бұрын
Yes! Thank you for your service by the way. You can certainly add the exemptions up.
@helfulvids 3 жыл бұрын
Hi Jaime, thank you for the informative video. I have a general homestead exemption in Texas on my home (Appraised Value $194,330) but I am only receiving an exemption of $11,024 (not the $25,000 that I thought was standard). I thought the general homestead exemption is supposed to be $25,000. Why not? Am I missing something? Thank you!
@TheInvestedHomeowner 3 жыл бұрын
It’s not a standard amount unfortunately...it’s “up to”. The amount varies to local taxes (schools especially).
@anam.sanchez8080 3 жыл бұрын
Thanks for the super explained video is was so helpful for me . But I have a question, if I been leaving on my property since 2012 but this year (2021) is the 1st year that I will file an exemption they count since 2012 or 2021 ? TIA
@TheInvestedHomeowner 3 жыл бұрын
Unfortunately no...but at least you will have it now.
@michelelara5982 3 жыл бұрын
Harris county has an app that makes it very simple. It just needs to scan your current driver’s license with the actual address your filing the homestead exemption.
@TheInvestedHomeowner 3 жыл бұрын
I like that!!! You are very fortunate :)
@Rob04Lightning 3 жыл бұрын
I just did mine but seemed too easy lol did you get any confirmation it was submitted?
@Jr-kc3it 3 жыл бұрын
How do I get the app?
@smirk_beats 3 жыл бұрын
Great video! Question, if I just paid my property taxes that weren't due until 1/31, once I file for my homestead exemption on Jan 1st, will I get a check in the mail for the difference from my already made payment?
@TheInvestedHomeowner 3 жыл бұрын
The county will balance things out so you don't pay more than you need to.
@sanjayrajashekar7684 2 жыл бұрын
Thanks for your detailed explanation! I had one quick question. Does the max appraisal increase value apply only when you apply for homestead? Or is it by default in Texas? Thanks in advance!
@TheInvestedHomeowner Жыл бұрын
On the homestead only.
@Manuel-cl5qr 3 жыл бұрын
Great video, thank you for all the great info. Question: if I file my exemption today and a year or two later my mother moves in with me. Adding her name to my home. Would I be able to file for exemption again?
@TheInvestedHomeowner 3 жыл бұрын
Most likely no...but call your county and confirm the homestead exemption is still applied. If not, make sure you reapply.
@jesusgarzon5773 2 жыл бұрын
Thank you for the information! I had a question for a future home buy. I'm a veteran 100% and am going to apply for the homestead exemption. My question is how does the process work for exemption In my case. Before I buy a house do I have to apply for the exemption first or does it all get done during the paperwork phase or do I have to just file the exemption on to next year? -Thanm you again
@TheInvestedHomeowner 2 жыл бұрын
It's after you buy the home. That's when you can submit your application.
@veronicalopez3428 Жыл бұрын
Hi!!! What happens if I have a 0.83 lot with a 3,200 ft2 house renting the upper 3 bedrooms and 1 from downstairs? (which is like 20% of downstairs) does Homested stilll applies? If so, in the form it says if I make a profit out of the house (Which I don't but it covers mortgage and utilities, most of the time, but i have no profit) and it asks how much of the property I profit from... is it taking property as the lot or just the house? i am very confused :( please help!!
@bccwilliam 4 жыл бұрын
Thanks for the video. If you buy a house after Jan 1 and the previous owner has a homestead exemption and SS exemption in place, would demo-ing the home before the oct appraisal void the exemptions in place?
@TheInvestedHomeowner 4 жыл бұрын
That's a very good question, I actually don't know. My understanding is that once it's applied, it's there for the year...but that's a great question for the appraisal's office.
@gtdavis661 5 жыл бұрын
Question. I purchase a fixer upper with the intent to fix it up to live in. I'm over 65 and apply for the homestead senior tax exemption and also apply for the property tax freeze. Once I complete the improvements and of course the house would be appraised at a higher value, my property taxes will not go up due to the freeze, am I correct?
@TheInvestedHomeowner 5 жыл бұрын
Sounds you will be eligible for the 65+ age exemption AND the general homestead exemption. However, the homestead exemption provides a reduction in property value, not necessarily a freeze. So the value will not stay the same...but you will be able to reduce the value through your exemptions.
@dan-foso8716 4 жыл бұрын
Hi, I filled out a homestead on 2017, I purchased the home on 2016. My question is, how would I find out if I was approved for homestead? Is there any way I can find online ?
@TheInvestedHomeowner 4 жыл бұрын
Daniel Are Thats a very good question. You can go to your county’s website and search your address. Many county websites will tell you if it’s applied. If your website doesn’t have the feature. Then you can call the county directly and ask. Count Appraisal District (CAD for short) is what it’s called.
@VanTran-rq3vz 3 жыл бұрын
thanks for the info. Will refinancing affect or eliminate homestead exemption? do I have refile the exemption after refinancing?
@TheInvestedHomeowner 3 жыл бұрын
It won't affect it. But doesn't hurt to check back in on it in February to make sure it's still applied.
@purebliss8896 2 жыл бұрын
Thank you for the info. If I bought a home Feb 2022, I’m not able to apply until next year?
@TheInvestedHomeowner 2 жыл бұрын
Correct. Wait until Jan 1st 2023.
@Liz-ye2ld 3 жыл бұрын
I am in the process of purchasing a house in Texas. I'll be renting out my current house. Closing date is January 2021. Lender said that I can't file for homestead on the new house until year 2022. My question is: Since the new purchase will be my primary residence, do I get lower property tax on the new house and homestead exempt on the rental for 2021? Are they together or two separate things? Homestead exempt = lower property tax?
@TheInvestedHomeowner 3 жыл бұрын
To qualify, you have to live in the property for the year you are filing for. In this case you will have to wait until next year. :/
@EnhancedbyEsther 2 жыл бұрын
Hello, good morning. I had a question. If there are two names listed as homeowners, would the ‘percent ownership interest’ be 100% each or 50% each? Also could you explain percent ownership interest? Thank you.
@TheInvestedHomeowner 2 жыл бұрын
Great question. You'd need to reach out to your county for that.
@charlottewilson6211 4 жыл бұрын
All on our homesteaded property...we moved into a travel trailer, tore down our mobile home getting ready to build a new home. They cancelled our homestead exemption. We still live on and occupy the property. If I protest will I be successful?
@TheInvestedHomeowner 4 жыл бұрын
Hmm...that's an interesting scenario. The homestead exemption may have been cancelled, but you can apply a new one once you get the new home up. You'd need to do that anyway as a mobile home homestead exemption and residential home is different. So they'd ask you to use a new homestead exemption anyway.
@ReisterJP Жыл бұрын
I filed my hse in el paso ...3 weeks later my property value increased the same amount homestead exemption covered.
@TheInvestedHomeowner Жыл бұрын
Thank you for sharing.
@benjunghwanlee6541 2 жыл бұрын
Thanks for the great video! I purchased my house in August 2020, and homestead was applied in the beginning of 2021, but I paid the same amount of mortgage in 2021 as what I paid 2020. Am I getting tax exemption this 2022 tax season or the tax exempt portion should have been applied on my monthly mortgage in 2021 already?
@alexvallejo1553 2 жыл бұрын
I did the same thing but didn’t know that once I got my homestead letter back, I had to give my mortgage company a copy of that letter so they could deduct my monthly payment. The new lower amount reflected my next mortgage payment.
@TheInvestedHomeowner 2 жыл бұрын
It should be for the 2021 year.
@Chris-is-awesome 3 жыл бұрын
Hey man, great video. Does the homestead exemption work if I am the co-owner and have a disability?
@TheInvestedHomeowner 3 жыл бұрын
Hey Chris. Is it your primary and do you live in it? If so...yes.
@Dannymoreno92 7 ай бұрын
Hi great video, i have a question though does the homestead exemption have a time limit? My mom has been a home owner for 10+ years in the same residence and she does not know if she applied to a homestead and im trying to help her.
@TheInvestedHomeowner 7 ай бұрын
If you call the county and or check online, most counties will let you know.
@danwesson1934 3 жыл бұрын
If we apply in January how long would it take for our mortgage payment to be reduced? The next month or the next year. We live in Texas, thanks
@TheInvestedHomeowner 2 жыл бұрын
Following year
@FearAnEnd 3 жыл бұрын
Awesome video. But I still have a question. I purchased a home in 2020 and co signed with my mother. I am married and my mother is married and all 4 of us live in the house. I was trying to fill out the application, but I am confused with the question about "a married couple, single or separate individual" How should I fill it out? Would I have to make a separate form for my wife and my dad? so 4 applications total or 2 applications, 1 for my wife and I and the other one with my mother and father with 50% ownership interest? Also, my dad does not have a DL or a state issued ID, if he has to send the application, will a foreign passport work?
@TheInvestedHomeowner 3 жыл бұрын
In your case, since you cosigned...I believe you will be seen as a 50/50 owner in the state's eyes. So you will fill out your application for yours and your mother will fill another out for hers. That way it amounts to a full 100%. Does that make sense? Please inquire with the state as well.
@crisslopes2329 2 жыл бұрын
Great info! We received a letter from what looks like an attorneys office stating we didn’t qualify for the homestead exemption. And we have had it for 2 years. Is this a junk mail letter?
@TheInvestedHomeowner 2 жыл бұрын
It appears so. Reach out to the county directly.
@vevolt 3 жыл бұрын
How does the county decide the “exemption value”
@TheInvestedHomeowner 3 жыл бұрын
I'm not sure on that.
@katam47 Жыл бұрын
Thanks for the info! What happens if the appraisal value is more than purchase value. Do I pay more taxes?.
@TheInvestedHomeowner Жыл бұрын
If the county appraises it higher, yes, you're paying more in taxes.
@felireyes9191 3 жыл бұрын
Does opting out of homestead exemption result in a refund when taxes are filed? Is there a threshold. Every year I enter real estate taxes paid on my tax software it never makes a difference on the amount refunded.
@TheInvestedHomeowner 3 жыл бұрын
Property taxes are different than income taxes. You may or may not get a refund through your mortgage payments. If you overpay property taxes one year...your mortgage payment may go down slightly. If you underpay property taxes...your mortgage payment will go up the following year. I can't think of a scenario where opting out of homestead exemptions will actually lead to less property taxes.
@kimberlyvillagran289 Жыл бұрын
Can you explain in detail the 65 and older exemption? We do not understand how does 65 and older exemption take affect. Where does the discount applied to? My father got approved for both exemptions.? We understand how the homestead exemption works thanks to this video.
@TheInvestedHomeowner Жыл бұрын
Check with the county to make sure they applied it to the property.
@AnupKumar-mf1ug 3 жыл бұрын
I missed to apply the exemption because I was not having updated DL and DMV office is closed coz of Covid. Do I still have any option to get homestead exep?
@TheInvestedHomeowner 3 жыл бұрын
Not for this year, I don’t think they are waiving the deadline but I suggest you file it anyway for next year.
@khuyennguyen7338 2 жыл бұрын
Hi, what do I put for home manufacture and model? I bought mine is 2021 and i couldn't find that information anywhere.
@TheInvestedHomeowner 2 жыл бұрын
Hmm... manufactured homes are through the DOT I believe.
@shahnazjan6052 Жыл бұрын
I live in Jacksonville Florida n it’s my first time applying for tax exemption. I have questions #1. Parcel identification number or legal description? What it means? #2: what is type of deed? # 3: declaration of domicile? Please answer ❤thank you n happy holidays
@TheInvestedHomeowner Жыл бұрын
hey there. sorry, you'll want to call the county you're home is in.
@kabhi44 3 жыл бұрын
How do we check the status of homestead exemption in Collin County texas?
@TheInvestedHomeowner 3 жыл бұрын
Log into the portal and see if it has been applied. Or call the county and ask them.
@hevermacario7974 4 жыл бұрын
Can you use your different country’s Id but with the property address in it
@TheInvestedHomeowner 4 жыл бұрын
I'm not sure I follow the question. Can you elaborate a bit further?
@njmeow9 3 жыл бұрын
What if my partner applied for homestead on 2020, but we signed Quit Claim deed near 2021? The house shows 100% ownership under my name now (house was under his name). Should I reapply under my name?
@TheInvestedHomeowner 3 жыл бұрын
Call the county and see if the homestead is still there or if it was removed. If it was removed, you will need to reapply.
@JuniorShepherd Жыл бұрын
Hello my home was recently assessed by the county @ $565,000. Does this mean that my market value of my home is probably greater? My research seems to suggest that for my area it might be less than what the county is stating for me here. Thanks!
@TheInvestedHomeowner Жыл бұрын
It might very well be the case that the market value also went up.
@santoshernandez2188 Жыл бұрын
What if it says disallowed and when i click on it it says an exemption already exists I’ve never done it im the second homeowners
@TheInvestedHomeowner Жыл бұрын
Call the county.
@bronsonholbeck 4 жыл бұрын
how is the assessed value calculated and determined? Is it always 25K exempt or does it differ from person to person?
@TheInvestedHomeowner 4 жыл бұрын
The assessed value is something calculated by the appraiser's office. They don't share exactly how it's done. But they do provide to you the comps they use to assess the property's value. You can also find that online in most counties. It will not always be $25,000, that's the max. It varies from person to person.
@TheDeondra22 4 жыл бұрын
Since I missed the deadline for 2020, do I have to wait until the 2021 form comes out to apply?
@TheInvestedHomeowner 4 жыл бұрын
No need to wait, you can submit now...that way it's out of the way.
@TheDeondra22 4 жыл бұрын
@@TheInvestedHomeowner Awesome, thank you!
@loyapallysstudio4969 2 жыл бұрын
Your vedeos are greatly helping us, thank you so much ! I have a question - I moved to my new house in August-2020 and I don’t know so did not file homestead until 2022, so I missed 2021 Homestead although I am residing since august 2020, I saw my new assed value has doubled to my house now, last year it was 385k and now in 2022 it’s showing my assessed value as 674k, As I applied homestead in April 1st week 2022, I see it applied now but I missed homestead for 2021 so I am concerned that my base for my homestead calculate starting this year which is really concerning for me, how can I go back now to 2021 and fix homestead cap ?
@TheInvestedHomeowner 2 жыл бұрын
You can file now - but it won't be applied retroactively - so better late than never in this case
@samuelgoldhyde4641 Жыл бұрын
Fück you get out of the country goop you can’t even learn English all you third world greasy cowards who work are ruining the country doing the same overpaid jobs doctors nurses selling health and injections not to mention the big tech censorship This nice pretty green land is meant for patriots for real men and woman
@FarEastAlpaca 2 жыл бұрын
What if I'm buying a home for 300k that was previously appraised 200k in previous year. Does the 10 percent cap apply to the appraised value this year if I file for homestead exemption this year?
@TheInvestedHomeowner 2 жыл бұрын
Mostly likely the cap will be in place from previous homestead exemption (if owners had it) and your homestead exemption.
@johnhix484 3 жыл бұрын
I have a home in Texas paid for and with a homestead exemption. I divide my time between living in the home and my condo in Vegas. I still claim my Texas home as my primary residence but I question how much time do I have to actually reside in the Texas home to continue to claim it as my primary residence?
@TheInvestedHomeowner 3 жыл бұрын
That's a great question and a bit too technical for me...I'm sorry, I don't have the answer to that.
@johnhix484 3 жыл бұрын
Thanks anyway. Lots of others don’t have an answer either but the best advice has been to keep timers on the lights, route the mail to a post office, park a car in the driveway and have a lawn service. No one will know if you are there or not ie. Be a ghost!
@Ohgreatcj. 5 жыл бұрын
So when I’m paying a mortgage am I paying taxes on the assessed value or market value?
@TheInvestedHomeowner 5 жыл бұрын
Cesar Quintanilla within the mortgage payment you’re paying (principal, interest, property taxes ‘based on the assess value if your not paying them on your own vs having them in escrow’, and home insurance if you’re not paying that separately also). So to answer your question, the assessed value.
@TheInvestedHomeowner 5 жыл бұрын
This video goes into further detail. kzfaq.info/get/bejne/b8ibltt1tbHaXZs.html
@belindagarcia24 Жыл бұрын
I live in Texas and have owned the home since 2016. It's September 2022. Could I apply for the years 2017-2018 or it's too late? And if I do, will they just apply a tax refund for what is current or will I have to reapply?
@TheInvestedHomeowner Жыл бұрын
They don't do a refund...but you can still apply it for future.
@elpuma92 4 жыл бұрын
We are currently on track to close on our 1st home by August 2020, when should we submit the homestead exemption by? April 30 2021? By when should it “kick” in?
@elpuma92 4 жыл бұрын
The house is located in Harris County, Texas
@TheInvestedHomeowner 4 жыл бұрын
You can do it in January 2021. Congratulations!
@TheInvestedHomeowner 4 жыл бұрын
Congratulations!
@delacruzpuntos761 2 жыл бұрын
I want to file but one of the owners it doesn’t have a TX ID, can I still apply with only one TX ID??? Out of the two owners
@TheInvestedHomeowner 2 жыл бұрын
I would suspect so...but not get the full exemption...just a proportion. I am PURELY speculating though. I haven't been asked that before.
@kianekeo4644 3 жыл бұрын
How to do I file for homestead exemption? And what forms do it need
@TheInvestedHomeowner 3 жыл бұрын
Go to county's website that you're in and search for homestead exemption. They are usually less than 3 pages requesting basic information.
@tbcarleton 2 жыл бұрын
Can you have both a homestead and an agricultural exemption?
@TheInvestedHomeowner 2 жыл бұрын
Yes
@inexperiencedknife 4 жыл бұрын
what if you rent rooms in the home you live in?
@TheInvestedHomeowner 4 жыл бұрын
Is it your primary? Most applications will ask if you are doing that. They call in "Income producing".
@joshuafisher5299 Жыл бұрын
How does this impact the Aug land?
@TheInvestedHomeowner Жыл бұрын
I'm not sure.
@ycul17 Жыл бұрын
Hello, I close on my home Feb 2023. I am a first time homeowner. I wouldn’t qualify for homestead for the 2023 year, correct? I would have to wait for Jan 2024 to file my homestead and qualify for the 2024 year? Since I am required to live in the home in January of the year I file for the homestead exemption. Just want to make sure I am understanding correctly.
@TheInvestedHomeowner Жыл бұрын
You are correct. You want to file next year and you'll have to be living in the home by Jan 1, 2024 for eligibility. You have plenty of time, but make sure you update your Drivers License (sometimes we forget), so you can send that as proof of residence.
@manwashe8555 2 жыл бұрын
I am a New York resident. my wife and I wanted to relocate to Texas next year and buying property. can we still get tax exemption and other veteran benefit despite i did not join Navy from the Texas
@TheInvestedHomeowner 2 жыл бұрын
Welcome to Texas in the event you make the move!
@Alex-yj9hq 2 жыл бұрын
I purchased my home in November of 2019, do I still qualify for the homestead exemption for this 2022 year?
@TheInvestedHomeowner 2 жыл бұрын
Yes you do, file right away!
@sophoniepierre2377 2 жыл бұрын
Does being approved for the Homestead Exemption lower monthly mortgage ?
@TheInvestedHomeowner 2 жыл бұрын
Indirectly, yes...because the property tax portion will be lower.
@BrokeBoyGaminghtx 5 жыл бұрын
So will this make my overall monthly payment go down?
@TheInvestedHomeowner 5 жыл бұрын
2 Trill Productions yes. If you are paying property taxes along with your mortgage, you’ll see a change in monthly payment. If you are paying property taxes in lump sum...you will see that number reduce as a whole.
@halfsleep3554 4 жыл бұрын
Is that the same thing as capped value?
@TheInvestedHomeowner 4 жыл бұрын
Think of the Homestead as. "credit". So whatever the assessed value of the home is...let's say $200,000 is eligible for a Homestead exemption (if you qualify)
@gt9046 Жыл бұрын
Link for killeen tx? Thanks in advance
@TheInvestedHomeowner Жыл бұрын
Absolutely, just google "Killeen homestead exemption form" and you'll get it
@georgephilips7394 6 ай бұрын
I purchased my home February 2023 and applied for homestead exemption in march 2023 with my new DL. Unfortunately, I found that it was rejected in their website. Is it possible for me to reapply this year? Also, do you know if there is. A deadline for it? That you in advance
@TheInvestedHomeowner 5 ай бұрын
Absolutely. File right now. The reason I suspect it got rejected is because one of the requirements is to have lived in the purchased home January 1st of the year you're filing for. So you're in a good spot to do it right now.
@magdalenacrunchygoo6955 3 жыл бұрын
Can apply for the homestead exemption if I want to refinance my home with fha streamline? Do I need to apply for the exemption before or after the refinance?
@TheInvestedHomeowner 3 жыл бұрын
The type of financing will not matter. You can apply for it ASAP.
@magdalenacrunchygoo6955 3 жыл бұрын
@@TheInvestedHomeownerthank you. will homestead exemption affect my future tax refunds?
@arismarkcatanghal387 Жыл бұрын
just purchase a home in texas in June 2022. are there any disadvantages for homestead exemption?
@TheInvestedHomeowner Жыл бұрын
none that i'm aware of
@kriswina22 3 жыл бұрын
How often are people turned down from getting an exemption?
@TheInvestedHomeowner 3 жыл бұрын
That's a great question. I'm not sure. I don't think there are many.
@pixelobservations 2 жыл бұрын
Would a non spousal co-owner be eligible for the homestead exemption?
@TheInvestedHomeowner 2 жыл бұрын
I am not sure...you'll want to check with your county.
@brelott4135 Жыл бұрын
How can we contest? Is that the same thing as the homestead excemption? I heard they have lawyers that can assist
@TheInvestedHomeowner Жыл бұрын
Contest what? Property taxes? You can do that yourself, hire a service or an attorney.
@RequiemTears Жыл бұрын
Hello. I am a bit confused of where is the 25K applied to once the HS is submitted. Once you submit the HS, does everyone qualify for the 25K without any qualifications such as 65, VA, etc? Next, without exemptions, my taxes are at 4662, but since I submitted the HS this year again do to refinancing the home, it is now at 4062. However, per the appraisal site, it shows... Improvement Home Value: 134,661 Land Home Value: 24,934 Assessed Value: 159,595 In the Taxing Tab: Appraised Value: 159,595 School District is at: 119,595 If the HS amount that everyone qualifies for the standard amount of 25K and subtracted from the assessed value 159,595 = 134,595 So, if assessed value - HS exemption amount, shouldn't it be taxed at $134,595?
@TheInvestedHomeowner Жыл бұрын
You'll want to check with your county on this :/
@kryssyization 3 жыл бұрын
How does this work with PID taxes?
@TheInvestedHomeowner 3 жыл бұрын
I'm not sure to be honest.
@dlgluis90 3 жыл бұрын
If i have a multi family with 3 apartments and I live in the property in one of the units do I qualify for the homestead exemption.
@TheInvestedHomeowner 3 жыл бұрын
That's a great question. I believe you can. But please check with the county.
@jacquelinecastaneda4896 3 жыл бұрын
@@TheInvestedHomeowner What counties allow that
@monig4721 2 жыл бұрын
I missed the deadline. Can I still apply for this year?
@TheInvestedHomeowner 2 жыл бұрын
Yes you can.
@TatianaCunninghamff 3 жыл бұрын
Do I need to raise animals to qualify? Do I need to grow crops? Like, what defines "homestead" or is it as simple as a house on some property?
@TheInvestedHomeowner 3 жыл бұрын
No. No need to do that. Homestead applies to your primary residence.
@TatianaCunninghamff 3 жыл бұрын
@@TheInvestedHomeowner thank you!! I've been wondering that for some time.
@KimberlySmith14 3 жыл бұрын
Lol, I'm dead.
@JJRG3499 3 жыл бұрын
If I got approved for homestead exemption on June 4th.. am I supposed to get a check in the mail? Or how does it make my monthly payment lower.. because mine has stayed the same since I got approved for it.
@TheInvestedHomeowner 2 жыл бұрын
Gets applied the following year in most cases.
@JJRG3499 2 жыл бұрын
@@TheInvestedHomeowner thank you bro
@TheInvestedHomeowner 5 жыл бұрын
Access MLS 👉 bit.ly/2TFCzwJ Jaime Resendiz, MBA, Realtor® Email: jresendiz@echorealadvisors.com Website: www.EchoRealAdvisors.com Phone: (972) 695-3676 FREE Home Buying Process 👉 bit.ly/2yHFvQN FREE Home Selling Process 👉 bit.ly/2Su9WSS
@TheInvestedHomeowner 5 жыл бұрын
Thank You For Watching!
@SilverbugInc 2 жыл бұрын
Does the full property tax exemption apply to raw land for 100% disabled veterans?
@turnovertheleaf5505 2 жыл бұрын
Depends on the taxable value. In Georgia, if it's 85k exemption and the property assessed value is below 85k then you pay nothing. But, raw land cannot be your primary "home' for "homestead " unless you build a dwelling or get a mobile home, etc.
@jesusplaza8285 3 жыл бұрын
Can I apply with a Mortgage or I have to own It (paid off)?
@TheInvestedHomeowner 3 жыл бұрын
You can apply with a mortgage. Does not matter if you own on the home or not.
@DetBull Жыл бұрын
Does michigan have homestead exemption
@TheInvestedHomeowner Жыл бұрын
I don't know.
@azteca132525 4 жыл бұрын
Personally, I view homestead exemptions and an illusion or a joke to keep the masses from revolting. Let's say your house value is assessed at $200k you go in and file for the homestead exemption after which you only pay taxes only on $175k but once you do this the appraisal district may reassess the value of your home the following year for $225k so there you go you're back at paying taxes on $200k for a house assessed at $225k with the $25k exemption. Other states offer way much higher homestead exemptions.
@TheInvestedHomeowner 4 жыл бұрын
It can be a bit frustrating, no question. But at least we have one...many people remain in the dark about this and DONT use it! So trying to raise awareness to it.
@turnovertheleaf5505 2 жыл бұрын
It also refocuses your attention to the discount , instead of the payment. You basically never own anything. Also, some counties will allow "locking in assessment amount". Usually it is by age tho. FYI, never improve your home facing the street. Build on' in the back. Hang Halloween decor in June (tax assessors time). Etc etc If you build a deck with your bare hands- taxable! If you build a shed with your own hands- taxable!
@willcastle2371 Жыл бұрын
We need a change of Governor
@dvgayle1 Жыл бұрын
Adjust your tin foil hat.
@ManuelRetananevada Жыл бұрын
Jog g vb61ecc
@jaredsam4259 4 жыл бұрын
FHA require that my taxes get impound with my mortgage. So with homestead, does that reduce my monthly mortgage?
@TheInvestedHomeowner 4 жыл бұрын
That’s a great question! Yes, it will reduce your monthly payments as they are collecting taxes to hold in escrow for you.
@jaredsam4259 4 жыл бұрын
Echo Real Estate Advisors Thank you!
@saturn1371 3 жыл бұрын
@@TheInvestedHomeowner after I have filed, what do I do after that? Do we receive something in the mail? Do I need to send this information to my lender to adjust mortgage payment? I filed in December of last year for 2021 taxes. Now I don’t know what to expect or do?
@mrs.berthabrantley4373 3 жыл бұрын
Dallas-Fort Worth Real Estate Our mortgage increased due to improvement/ accessed value. The escrow didn’t have enough funds. We did file for the exemption however , it doesn’t show on our tax account. I’m not sure what that time is.
@TheQuintessentialBM 2 жыл бұрын
Is the homestead exemption supposed to be filed every year or is it a one time ordeal?
@TheInvestedHomeowner 2 жыл бұрын
It's a one time thing.
@myeamos2692 2 жыл бұрын
Great question. I had it done 2 years ago by a realtor and he was trying to file again the following year which confused me.
@timelessmusicfamilymusic9175 3 жыл бұрын
I turn 65 in July, I own & live at my home for 36 years, so when should I file for a Homestead Exemption? You said the deadline was on April 30th, I'm not quit 65 by that time??🤔
@TheInvestedHomeowner 3 жыл бұрын
I'm not quite sure to be honest with you. I would file as if you had already reached the 65 year mark...if they don't accept it, then you can do it again next year. It's worth a shot.
@timelessmusicfamilymusic9175 3 жыл бұрын
@@TheInvestedHomeowner thanks👌
@melonsncucumbers 3 жыл бұрын
How do the taxes get applied? Sent to me as a refund? and how do we contest the home value? Thank you
@TheInvestedHomeowner 3 жыл бұрын
I have a 3 part series on this. Check out my other videos on protesting taxes.
@opulence_prime 3 жыл бұрын
Great question. No one can answer this directly. They just talk in circles for views.
@TheInvestedHomeowner 3 жыл бұрын
I guess the 3 part series isn't enough Opulence...lol Hope you have Google.
@opulence_prime 3 жыл бұрын
@@TheInvestedHomeowner that was rude, I just finished watching it and was going to edit my comment. It was helpful but your ego just showed your true character, Jamie.
@TheInvestedHomeowner 3 жыл бұрын
I was the rude one huh? Okay sure...play the victim. Best of luck to you!
@mjrest 2 жыл бұрын
Can you apply if you have a new build?
@TheInvestedHomeowner 2 жыл бұрын
As long as you've lived in it the first of year, yes.
@mjrest 2 жыл бұрын
@@TheInvestedHomeowner Thank you!
@TheeHeadUp 6 ай бұрын
hi , you in texas area? where Texas ?
@TheInvestedHomeowner 6 ай бұрын
Tarrant County. You?
@Lg1969 Жыл бұрын
Jamie my moms taxes went from 30,030 to 43,680 Why? Is it her county
@TheInvestedHomeowner Жыл бұрын
Sounds like the property's assessed value went up drastically. Call the county where the home is 1) Check if the homestead was applied 2) Do everything possible to protest taxes every year.
@Lg1969 Жыл бұрын
@@TheInvestedHomeowner Thanks... I just go in and tell them that I want to protest her taxes?
@TheInvestedHomeowner Жыл бұрын
I have videos on the channel sharing how.
@dixter1652 3 жыл бұрын
if you don't want to pay property taxes you won't need to file for an exemption if you just buy a travel trailer or fancy RV.... then there is no property tax and you can claim to the IRS you are working from home and get to write off the cost of your new RV/trailer... don't believe that??? go and look at all of the RV/travel Trailers in the RV parks now... they are the smart ones... go to Texas in your RV... no income taxes and no property taxes.... simple
@TheInvestedHomeowner 3 жыл бұрын
Soo... in 10 years one has an asset worth hundreds of thousands of dollars and the other has an RV that is worth less than $10k. I'm not against RV living, but to say some people "are the smart ones" is too myopic... Thanks for the insights though.
@dixter1652 3 жыл бұрын
@@TheInvestedHomeowner you need to catch on.... its not like what you wrote... went you sell that property don't forget to add up ALL of the costs, including property taxes and subtract that off of what you get from the sell... then you will know what the true value was...
@TheInvestedHomeowner 3 жыл бұрын
@@dixter1652 Right...because all of those costs exceed what you made on the sale of the home. I'm the one that needs to 'catch on', lol.
@dixter1652 3 жыл бұрын
@@TheInvestedHomeowner just to let you know... I don't live in a RV... in fact I've never been in a RV... my observations were from what I see when I drive either to Austin or Houston from Dallas.... the RV sites are full, those people do not pay property taxes like you and me... my taxes run around $15K /yr... so in a 10 yr span I know that $150K is down the drain... so if I sell my house in 10yrs I know I can subtract $150K right off the top... I never understood peoples reaction to looking at their property tax bill each year and going... yea, my house evaluation just went up.... your house value didn't go up, your tax bill went up... lets say you bought a house for $100K... you own it for 10 yrs and you paid the property taxes for 10 yrs... then you loose your job due to covid, you sell your house but the housing market just crashed... so you end up selling the house for what you paid... $100K .... and if thats not your first house you will pay taxes on the sale and the property taxes are down the drain... how much did you make... or actually, how much did you loose.... its not a given that you make anything from a home sale...
@Ostar713 3 жыл бұрын
Do my parents qualify for a 65 yrs and older exemption if only one of them is 65 and older? Or do they both have to be 65 and older? FYI, they are married and the home is under both of there names. Ty
@TheInvestedHomeowner 3 жыл бұрын
Great question Oscar. Only one person has to be 65+ to qualify.
@mexi0311 4 жыл бұрын
Question so once your homestead is approved what’s the next step with your mortgage company ? Because I don’t see any changes on the contrary my payment went up
@TheInvestedHomeowner 4 жыл бұрын
That's a great question. Your property taxes will continue being paid by your mortgage company (assuming they are the ones making your payment on their behalf) and if they OVER pay one year, you get issued a refund check if it's over their minimum threshold. The mortgage company can also adjust your next years payments to compensate for the excess amount they held in escrow.
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