Momentum - Business to Business Online Magazine MOMENTUM February 2020 | Page 20

INDUSTRY SPOTLIGHT - FINANCIAL LITERACY & TAXES DEBORAH BLY The Bly Team - RE/MAX Space Center [email protected] www.TheBlyTeam.com As a Homeowner in Texas you could qualify for a HOMESTEAD EXEMPTION. L et’s face it. Property taxes are one of the necessary obligations that come along with home ownership. As Texans However we have the opportunity to file for a Homestead exemption and save $1000’s of dollars over the lifetime of home ownership! Homestead Exemption removes part of your home’s value from taxation. For instance, if your home is appraised at $200,000 and you qualify for a $40,000 exemption, you would pay taxes as if your home was only worth $160,000. The value that is exempted varies from county to county so check in your country to see what kind of exemption that you qualify for. Exemptions are available for school and county taxes. In addition, there are other exemptions that you might qualify for such as for those disabled, 65 years or older, agricultural exemptions as well as a 100% tax exemption for disabled veterans. Each year however I still come across, situations 18 MOMENTUM where a homeowner did not take advantage of their right to file for their homestead exemption. Filing is pretty straight forward Here are some criteria to note: • You must own your home • You must have owned and resided in the home the home on January 1st to qualify for that year’s exemption • You only need file for your homestead once. Once in place that exemption will stay with the home as long as it qualifies, or until the home changes ownership. • The time to file for your homestead exemption is between January 1st and April 30th • You will need a valid TX driver’s license. If you are not sure if you have questions or not sure if you qualify for a homestead Contact the Galveston county appraisal district: www.Galvestoncad.org, 9850 Emmett F. Lowry Expressway, Ste. A101, Texas City, TX 77591, [phone].