Homestead exemptions are granted by the county appraisal district where the property is found. The exemption reduces a homeowner's property tax bill by removing part of the home's value from tax assessment.
What are Homestead Exemptions?
Kinds of Homestead Exemptions
If you are qualified for the Texas homestead exemption, then you will receive at least a $25,000 homestead exemption on the value of your home for school district taxes.
School Taxes
Harris County currently provides a 20% optional homestead exemption to all homeowners.
County Taxes
Any taxing unit, including a school district, city, county or special district, may offer an exemption for up to 20% of your home's value. The amount of the optional exemption can not be less than $5,000, whatever the percentage is.
Optional Exemptions
You must own your home on January 1 of the year for which you are applying.
You must reside at the home as your principal residence on January 1 of that year and not claim any other property as homestead.
Who Qualifies?
Only individual homeowners will usually receive a homestead exemption.
A homestead can be a house, condominium, or a manufactured home. It includes up to 20 acres, if the land is also owned by the homeowner and used as a yard.