Did you purchase a home in Texas last year? Has it been your primary residence? If so, you might be able to file your residence homestead exemption after January 1st, 2015.
Why should you file a homestead exemption? There are plenty of reasons, including…
- Protecting your property from creditors attempting to force the sale of your home
- Making sure the surviving spouse may keep the home in the event of the other spouse’s death
- Saves you money on your annual taxes by deducting a large amount of money off of the property assessment, used to figure out school taxes
- Allows the homeowner to vote on proposed property tax increases
- Additional tax breaks for owners who are disabled and/or over 65 years old
The homestead exemption is not given automatically. It is fairly simple to take care of, though. A form from your county must be filled out and submitted along with a copy of your new driver’s license, showing your home’s address.
Want more good news? There are no fees involved with the filing of this application. Once it’s filed, you never have to file one again as long as you continue to live at that residence.
To make it even easier, here are links to quickly find the needed forms for Frisco area counties:
Have questions about the homestead exemption for your new home? Contact your Frisco real estate expert, Judi Wright, voted Best REALTOR® in Dallas by D Magazine 2006 and 2008-2014, as well as one of the “Best Real Estate Agents in America” by Real Trends.