To maintain property tax reduction benefits, homeowners in Tarrant County may need to renew their homestead exemption.
Last year, the Texas Legislature passed SB 1801, which requires appraisal districts to confirm homestead eligibility at least once every five years. According to the bill, the review can be administered in stages.
To conduct the review, the Tarrant Appraisal District (TAD) has divided the county into five sectors, with one being tackled annually beginning each January. Impacted homeowners should expect a homestead exemption application that they will need to deliver to TAD in person or by mail.
While TAD said some solicitors will complete the application for a fee, it is encouraging homeowners to complete the assessment themselves as it is free of charge to file the exemption.
To be eligible as a residential homestead, properties must have a structure that includes no more than 20 acres of land. The property must be owned, constructed for, and utilized as a human dwelling and must be the owner’s primary residence.
Homestead exemptions reduce a portion of a home’s value for property tax purposes and limit the amount the appraised value can grow each year to a maximum of 10%.
As previously reported by The Dallas Express, in November, nearly 84% of Texas voters agreed to raise the homestead tax exemption to $100,000, cap annual appraisal increases, and limit certain county appraisal bodies. Tarrant County went a little further though, with its commissioner court moving to lower its homeowners’ tax burden through the adoption of a new 10% homestead exemption, which is expected to save the average homeowner around $34 per year with a projected tax bill of $399.48.