What is the property tax exemption for over 65 in texas

In Texas, homeowners who are 65 years of age or older may be eligible for a property tax exemption known as the "Over-65 Homestead Exemption." This exemption provides some relief by reducing the taxable value of the property for school taxes. Here are key details about the Over-65 Homestead Exemption in Texas:

Exemption Amount:The Over-65 Homestead Exemption allows homeowners who are 65 or older to receive a school property tax exemption of a certain dollar amount from the appraised value of their homestead.

Limitation to School Taxes:It's important to note that the Over-65 Homestead Exemption specifically applies to school district taxes. While it provides relief for school property taxes, it does not affect other property tax components, such as county or municipal taxes.

Application Process:To qualify for the Over-65 Homestead Exemption, homeowners must apply with their local county appraisal district. The application is typically a one-time process, and once approved, the exemption remains in effect as long as the homeowner continues to meet the eligibility criteria.

Age Requirement:To be eligible, the homeowner must be 65 years of age or older as of January 1 of the tax year for which the exemption is sought.

Ownership and Residency:The homeowner must own and occupy the property as their primary residence. The property must also meet the definition of a homestead as defined by Texas law.

Limitations on Taxable Value:The Over-65 Homestead Exemption places a limitation on the taxable value of the property for school taxes, providing financial relief for eligible homeowners.

Additional Exemptions:Homeowners who qualify for the Over-65 Homestead Exemption may also be eligible for additional exemptions, such as the general homestead exemption, which provides a reduction in the taxable value for non-school property taxes.

As property tax laws can be subject to changes, it's advisable to contact the local county appraisal district or tax assessor's office for the most up-to-date information regarding eligibility criteria, application procedures, and the specific amount of the Over-65 Homestead Exemption in a particular area of Texas.