In Texas,homeowners who are 65 years of age or older may be eligible for a property tax exemption known as the Over 65 Exemption.This exemption provides significant financial relief by reducing the property tax burden for qualifying senior citizens.We will explore the Over 65 Property Tax Exemption in Texas,its benefits,eligibility criteria,and the application process.
Overview of the Over 65 Property Tax Exemption
The Over 65 Property Tax Exemption is designed to assist senior homeowners in Texas by reducing their property tax liability.This exemption can provide substantial savings,allowing eligible individuals to better manage their finances during retirement.It is important to note that the exemption applies only to property taxes,not to other types of taxes or fees.
Benefits of the Over 65 Property Tax Exemption
The Over 65 Property Tax Exemption offers several benefits to qualifying homeowners:
a.Tax Reduction:The exemption reduces the assessed value of the property,resulting in a lower tax liability.This can lead to substantial savings on property taxes each year.
b.Continued Eligibility:Once approved for the exemption,homeowners do not need to reapply each year.The exemption remains in effect as long as the homeowner meets the eligibility requirements.
c.Homestead Protection:The Over 65 Exemption is combined with the standard homestead exemption in Texas,providing additional property tax relief and protection for qualifying seniors.
Eligibility Criteria for the Over 65 Property Tax Exemption
To qualify for the Over 65 Property Tax Exemption in Texas,homeowners must meet specific criteria:
a.Age Requirement:The homeowner must be 65 years of age or older as of January 1st of the tax year for which the exemption is being sought.
b.Ownership Requirement:The homeowner must own and occupy the property as their primary residence.The property can be a house,condominium,manufactured home,or certain types of multifamily properties with up to four units.
c.Residency Requirement:The homeowner must have resided in the property as their primary residence on January 1st of the tax year and must continue to use the property as their principal residence.
d.Income Limitation:Some taxing entities in Texas may impose an income limitation for the exemption.Homeowners should check with their local appraisal district or tax assessor's office to determine if there are any income restrictions in their area.
Application Process for the Over 65 Property Tax Exemption
To apply for the Over 65 Property Tax Exemption,homeowners must follow these steps:
a.Obtain the Application:Contact your local county appraisal district or tax assessor's office to obtain the appropriate application form for the Over 65 Exemption.
b.Complete the Application:Fill out the application form accurately and provide all necessary documentation,such as proof of age,proof of ownership,and proof of residency.
c.Submit the Application:Submit the completed application and supporting documents to the county appraisal district or tax assessor's office before the specified deadline.It is recommended to keep a copy of the application for your records.
d.Application Review:The appraisal district or tax assessor's office will review the application and supporting documents to verify eligibility.They may request additional information if needed.
e.Notification of Approval:Once the application is approved,the homeowner will receive a notification confirming their eligibility for the Over 65 Property Tax Exemption.
a.Transferability:If a homeowner who is eligible for the Over 65 Exemption decides to sell their property and purchase a new one,they may be able to transfer the exemption to the new property,provided certain criteria are met.