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:

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

Senior or Disabled Exemptions

Veterans Exemption

Solar and Wind Power Energy Device

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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