HOUSTON – As many of u/s are looking for ways to save money and make a little extra, check out your account with your local tax appraiser’s office. If you own the home where you live, you should have a homestead exemption applied to your account. It will lower your property taxes by 20%.
“Even if it’s $500 a year, $500 a year is a lot of money you can save,” explained real estate advisor David Atkins with Martha Turner Sotheby’s International Realty.
Atkins makes sure all of his homebuyers apply for the homestead exemption to realize the savings.
“Doing things like that just gives them the extra liquidity to afford the things they want to do in the house, buy furniture, save up for a pool, whatever it may be,” Atkins told consumer expert Amy Davis.
How much you can save
If your home is valued at $100,000, you will save about $500 a year by applying for the homestead exemption. The more your house is worth, the more you’ll save on property taxes. If you have never applied and you have been living in your home for years, you can get the exemption retroactively going back two years. In that case, the tax office will refund you for the taxes that you overpaid.
If you have recently turned 65 years old, you can get another exemption that will lock in your land valuation.
“That was implemented to help the older individuals be able to stay in a neighborhood and not be taxed out of the neighborhood,” said Atkins.