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Are Property Taxes Tax Deductible?

Posted by admin on March 3, 2022
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As a property owner, it is in your best interest to be informed about the financial responsibilities that come with owning land. By understanding taxes and deductions related to your property, you can save yourself money come tax season. 

In Texas, the prices of homes have increased over the last ten years, and as a result, property taxes have also risen, even though Texas doesn’t impose a state property tax.

Property taxes are determined by local governments and not the state, according to the Texas Comptroller. This means school districts, cities, and counties can determine property taxes, which is further affected by where you live and the value of your property. 

Fortunately, Texas has various property tax exemptions accessible to those who qualify. Tax exemptions in order to assist property owners with the financial strain of property taxes. The team at Santa Cruz Properties would like to inform landowners of the details on how to possibly get property tax exemptions. 

Accessible Property Tax Exemptions in Texas 

There are a number of property tax exemptions available to Texas landowners. 

While a few are offered to the majority of property owners, there are some that are only accessible to certain types of property owners, for example, disabled veterans or those who use solar energy on their property. 

The following are fundamental tax exemptions landowners can apply for:

  • Residence Homestead – It is mandatory for Texas school districts to have a broad residence homestead exemption available. Depending on your county, you can qualify for more options of extra exemptions, like in counties that impose farm-to-market taxes. 
  • Inherited Residence Homestead – Residents of Texas may be eligible for this exemption if they inherited property and meet specific criteria. 
  • Seniors and Disabled Persons Exemption – Those who are 65 or older and/or have disabilities may be eligible for this exemption. Also, spouses of deceased landowners can qualify for this exemption.
  • Veterans Exemption – There are partial exemptions offered to eligible disabled veterans and their surviving immediate family members. Completely disabled veterans may be eligible to have all of the property tax bill exempted. Surviving spouses may also qualify. 
  • Solar and Wind Powered Energy Device – You may be eligible for this exemption if you use solar or wind-powered energy devices to manufacture the energy you use on your property. 

Who Is Eligible for a Property Tax Exemption?

Any Texas homeowner who uses said home as their main residence can qualify for the general homestead exemption.

If you meet the requirements for other exemptions, you should be able to qualify. For instance, you need to meet the age requirements for eligibility for the 65 and older exemption. Furthermore, qualifying for the disability exemption depends on the person’s disability.

Keep in mind, the majority of exemptions require you to fill out an application by a certain date.

What Is the Value of Property Tax Exemptions in Texas?

The value of Texas property tax exemptions is subject to the exemptions and if the owner meets the requirements needed. The following is an estimate of what each exemption is worth:

Residence Homestead Exemption

  • $25,000 from the school district 
  • 20% of the value of the property 
  • $3,000 of extra exemptions for counties that implement farm-to-market or flood control taxe

Senior or Disabled Exemptions

  • $10,000 of extra exemptions from the school district 
  • $3,000 of additional exemptions

Veterans Exemption

  • Exemption total depends on the disability 
  • 100% for veterans who are completely disabled 

Solar and Wind Power Energy Device

  • The amount is affected by the worth of the property and renovations 

Since there are numerous types of Texas property exemptions, there is a chance you are eligible for more than one if you meet the criteria of each. It is to your benefit to apply for all exemptions you meet the requirements for. 

How to Apply for Texas Property Tax Exemptions?

Most exemptions, such as the residence homestead, only require you to apply once unless asked to submit a new application. The majority of exemption applications use the same form, but there are those that are different. 

You can access all the applications by visiting the Texas Comptroller’s web page

Santa Cruz Properties: Keeping Landowners Informed on Property Tax Exemptions

If you are a landowner, you know property taxes can be a significant financial burden. Luckily, Texas offers tax exemptions that can decrease the financial impact caused by property taxes, especially if you are eligible for more than one exemption.

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