The following Expert Advice question is an excerpt from the May 2022 Edition of the WACOAN: Festival on the Brazos. Please click here to read the full version of the WACOAN.
Wacoan: What change has been made to the Homestead Exemption on some residential purchases?
Melissa Harrell: As of January 1, 2022, these was a change to the Texas Tax Code that states that all homebuyers will be eligible to received the homestead exemption begging on the date they obtain ownership rather than having to wait until January 1 of the year after they purchased the home as a primary residence. You must apply for the homestead exemption before the first anniversary of your purchase date. The homestead exemption provides savings on your property taxes. Homebuyers should consult their local appraisal district for the application for the homestead exemption and specific instructions.