Homestead Exemptions | Pyramis Company Pyramis Company

Homestead Exemptions

 

Are you 65 years old or older? Anyone over the age of 65 or any who is disabled, including disabled veterans, can take advantage of several homestead exemptions. This allows you to reduce your taxes, but you have to know how to apply for them properly. If you are ready to save on your taxes, we are ready to give you a crash course in everything you need to know to apply for the right homestead exemptions.

 

First, you need to make sure that both you and your property qualify for the homestead exemption. Your house must be your primary residence, though you may still get to keep your exemption even if you move. You will not lose this exemption if you are gone for up to two years. However, some people may need to move for more than two years if they’re in the military or require greater levels of service for their health. Under these unique circumstances, you may continue to receive your homestead exemption indefinitely.

 

Mandatory Homestead Exemptions

 

All owners of a qualifying homestead can meet the criteria for this exemption. The specific amount depends upon the owner’s circumstances, their homestead location, and how they use their property. There are several mandatory homestead exemptions that apply to every eligible citizen, including:

 

  • An exemption of $3000 dollars of assessed value from country tax levies for farm-to-market roads and flood control
  • An exemption a $15,000 from local school taxes for qualified homeowners
  • An exemption of an additional $10,000 in school taxes for owners who are over the age of 65 or disabled

 

Finally, there is one last mandatory homestead exemption specifically for disabled veterans. This last category requires that homeowners receive 100 percent disability as a result of a service-connected disability. They must also be considered 100 percent disabled and listed as non-employable by the United States Department of Veterans Affairs. In this unique situation, the homeowner will be exempted from all property taxes on their homestead.

 

Applying for Homestead Exemptions

 

Imagine all the money you can save with these homestead exemptions. Unfortunately, you have to know when and where to apply if you would like to receive these tax breaks. In order to apply for the exemptions, you will need to submit an application to your appraisal district for the homestead exemptions. This district will ultimately decide whether you were eligible for these additional savings.

 

One application should be enough and you should not need to apply again in the following years unless specifically requested. It is relatively rare that you should need to fill out a second application unless you move to a new district.

You can pay companies to file these applications for you, but it is relatively simple to handle on your own. You can find reputable San Antonio property management companies like Pyramis Company to answer any questions you may have about your application for homestead exemptions. We can help you to keep more money in your pocket and to take advantage of the perks that come with age.

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