Homeowners in Harris and Montgomery counties may qualify for various exemptions and le for them with the respective appraisal district. School districts and the cities of Tomball and Magnolia also o er various exemptions. HOMESTEAD EXEMPTIONS BREAKDOWN
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CIRCUMSTANTIAL EXEMPTIONS
RESIDENTIAL: The property owner must own and occupy the home Jan. 1 of the year applying for. It exempts $25,000 or up to 20% for school taxes.
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DISABLED PERSON: The property owner must be 100% disabled for at least 12 continuous months. It exempts up to $10,000 of school taxes and freezes the maximum tax amount.
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AGE 65 OR OLDER: The property owner must be age 65 or older. It exempts up to $10,000 of school taxes and freezes the maximum tax amount.
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STATE CHANGES
Voters approved a proposition May 7 increasing the residential exemption from $25,000 to $40,000. Voters approved a proposition May 7 allowing the tax amount to be reduced instead of remaining frozen for those disabled or over age 65.
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SOURCES: MONTGOMERY CENTRAL APPRAISAL DISTRICT, EVERY TEXAN COMMUNITY IMPACT NEWSPAPER
increased $2,649 from 2021. “My mortgage has increased by $220.75 a month to cover this increase,” he said in an email. Adam Perdue, a research econo- mist at the Texas Real Estate Research Center, said the center is expecting the housing market to slow over the next year and prices to decrease. In the Houston area between 2020-21, there was a 21% increase in home prices when typically there is a 5% increase over a two-year span, according to Perdue. “We expect to see [prices] fall back much closer to that 5% or even fall below it. We are expecting to continue to see it be a positive [increase] but slower than what we have seen over the past two years,” he said. Although property values increased, taxing entities are limited to how much they can raise their property tax revenue. Counties and cities are limited to a 3.5% increase and schools to 2.5%, Perdue said. “Taxing jurisdictions look at that [appraisal valuation], and they gure out what their rate will be, and that [tax] rate almost has to fall. [Taxing jurisdictions] don’t necessarily need more revenue because the valuation increased,” Perdue said. Seeking relief Homeowners may see relief from homestead exemptions and two statewide propositions approved by voters May 7. Lavine said Proposition 1 amended
the exemption for those who are dis- abled or over age 65, allowing school taxes to decrease for these home- owners instead of being frozen at age 65 so as not to increase the amount. Proposition 2 increased the home- stead exemption for school taxes from $25,000 to $40,000 o of the appraised value. State Rep. Steve Toth, R Wood- lands, said while homestead exemp- tion changes will help, he believes they are not enough. He is advocat- ing for doing away with appraisal districts and using a price-paid val- uation, which he said 40% of states use in property tax calculations. Homeowners’ taxes would be based on the amount the home was pur- chased for instead of an ever-chang- ing value. Toth said he has introduced a bill advocating for such in previous leg- islative sessions and is anticipating a hearing on it in the 2023 session, which will begin Jan. 10. In addition, Bell said he believes the chief appraiser of each county needs to be an elected position. He said he has drafted a bill for it that is gaining traction this year. “When you have that much author- ity, you should be responsible and accountable to the people,” Bell said. Jishnu Nair contributed to this report.
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THE WOODLANDS 19221 I-45 South Ste. 140 Shenandoah, TX 77385 (281) 363-2847
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TOMBALL MAGNOLIA EDITION • MAY 2022
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