After sweeping changes by the Texas Legislature, homeowners should already see some property tax relief.
HOUSTON — Texas voters approved many property tax changes that could save some homeowners hundreds of dollars. The 2023 tax bills are due at the end of the month, so here are some changes that you should keep an eye on.
Homestead exemption
As part of an $18 billion property tax relief package, Texas homeowners will see their homestead exemption on their property tax bill increase from $40,000 to $100,000 of their home’s assessed value.
If you have an existing homestead, the changes will automatically apply. If you don’t have a homestead exemption, you’re encouraged to apply.
You can find the forms on your county’s appraisal district website. You will need a Texas driver’s license or ID card with a matching address, and you must own and occupy the property.
According to the Texas Legislature, the average homeowner will see a savings of $1,200. Persons 65 and older or disabled persons could see average savings of up to $1,400. The savings depends on your property’s value.
“I really think the main thing for property owners is to know that keeping an eye on protesting your taxes is like a yearly maintenance thing,” Charles Denson, a property tax attorney with Gill, Denson & Company told KHOU 11.
Property tax attorneys say if you haven’t applied, you can backdate the exemption two years after you move into your home.
For Harris County homeowners, you can find information on that process if you click here.
Non-homestead appraisals
Texas is putting a three-year cap on appraisal increases for non-homestead properties. The appraisals cannot increase by more than 20%, applying to properties valued at $5 million or less.
This can save some property owners thousands according to Denson.
“Twenty percent still sounds like a lot. It really is," Denson said. "No one wants property taxes to go up 20%, but in the last few years, 2020, 2021, '22, '23, It's not uncommon to see 30%, 40%, even 100% increases on your value. So this will really help folks that do have that secondary asset."
In 2023, 95% of all property values in Harris County increased from the previous year. There was a 16% increase for residential properties and 21% for commercial properties.
If you have other questions about property taxes, you can find those answers on your local appraisal district website.
