LEGAL CORNER FEATURE
Do you qualify?
There are several tax exemptions
out there, but timing is key
m
By Philip J. Hundl
aybe you have heard the old
saying, “timing is everything!”
Without a doubt, proper timing
of crop fertilizing, planting, spraying and
harvesting with favorable weather conditions will result in higher yields. Timing is
also critical in minimizing your property
taxes. Luckily, you don’t have to worry about
the weather, just the date on the calendar when filing your application for a tax
exemption!
Yes, we are getting close to that time of
the year again. All applications seeking land
use valuations as “agricultural use” or “open
space” or applications seeking other applicable tax exemptions are due at your county
central appraisal district office before May 1.
Land designated/valued as “ag use” or
“open space” is assessed with taxes on the
productive value of the land instead of the
selling price of the land in the open market
or market value. A property tax exemption
will reduce the taxable value of your real
property, and therefore, lower the amount of
tax you will have to pay.
If you qualify, there are several exemptions that may be available to you. The
residence homestead exemption is available
for all home owners on their residence if
they lived there on January 1 of the tax year.
In addition to the standard homestead exemption, the 65 years of age or older exemption may also be available. Also, a disabled
homestead exemption may be available, if
you cannot engage in gainful work because
of a physical or mental disability or you are
Regarding all
exemptions, it is
suggested that you
contact