What Are Homestead Tax Exemptions?
The dreaded property tax! Most counties allow us to make two payments and real estate taxes seem to rise all the time. Homestead tax exemptions can help you lower real estate taxes and each state has different laws on how they work. Every state in the US has adopted various types of homestead tax exemptions enabling homeowners to save at real estate tax time. One homestead tax exemption is where the county in which you live allows you to remove part of the value of your home to save. For example, if your home is valued at $100,000, you can qualify for a set amount to be exempt from tax. In Texas for example, a house that is valued at $100,000 may qualify for a $15,000 homestead tax exemption. This means instead of paying real estate taxes on $100,000, you’ll pay on the lower value of $85,000. This is the most popular type of homestead tax exemption and not all states and counties participate in this type of exemption. To find out what sort of homestead tax exemptions apply in your stat
