Filing a Homestead Exemption

As a new property owner, you are required to pay property taxes on real estate. It is taxed each year by a variety of jurisdictions including the county, city and school district. As a 2011 home buyer, you need to notify the taxing authorities of your ownership so that the tax rolls will reflect the change. You may do this by contacting the appropriate tax appraisal district in your county, listed below.

Your property is assigned a single appraised value, which is sent to all taxing jurisdictions. The jurisdiction then applies the tax rate, as set by its governing body, to the appraised value.

To receive your exemption(s), you must own the property and be living in the property as of January 1st. Your application must be applied for on or before April 30, 2012 to receive the tax benefits for this year. This is a FREE service.

Remember, tax statements are generally mailed in October of each year. The taxes are payable on or after October 31, however, you may elect to pay them as late as January 31 without penalty. Taxes become delinquent February 1 and on this date penalties and interest do accrue. If you receive a Tax Statement and your mortgage company is escrowing funds for taxes from your monthly payments, forward the statement to your mortgage company so they can pay the taxes.

On January 1, 2012, value, ownership, legal description of the property and exemption status of the taxpayer is determined. Several forms of tax relief are available which may reduce the taxable value of your property. Applying for exemptions is the taxpayer’s responsibility. Find out more information by visiting your taxing distrcit below:

Collin County Appraisal District - www.collincad.org
Dallas County Appraisal District - www.dallascad.org
Denton County Appraisal District - www.dentoncad.com
Rockwall County Appraisal District - www.rockwallcad.com
Tarrant County Appraisal District - www.tad.org
Rockwall County Appraisal District - www.rockwallcad.org

DFWAshley, Ashley Cox, Dallas Realtor (972) 978-3109

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Ashley Cox is a Realtor® with Dallas City Center Realtors and strives to provide excellent service and assistance to Buyers and Sellers in the Dallas/Fort Worth Metroplex.

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1 commentAshley Cox • January 22 2012 05:16PM

Comments

This is great information. Im sure your buyers from last year appreciate you sending this to them as well.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 2 years ago

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