INSIDE INFORMATION
2022 REAL ESTATE EDITION
THE SCOOP ON HOMESTEAD EXEMPTIONS COMPILED BY VANESSA HOLT, ANNA LOTZ & JAKE MAGEE Homestead exemptions are a way for Texas homeowners to save money on their property tax bills. There are several di erent types of homestead exemptions available, and they o er varying bene ts. To apply, contact the Harris County Appraisal District at 713-957-7800 or www.hcad.org or the Montgomery Central Appraisal District at 936-756-3354 or www.mcad-tx.org. SOURCES: TEXAS COMPTROLLER, HARRIS COUNTY APPRAISAL DISTRICT, CONROE ISD, MONTGOMERY CENTRAL APPRAISAL DISTRICT COMMUNITY IMPACT NEWSPAPER
WHAT IS A HOMESTEAD EXEMPTION? Exemptions allow homeowners to save on property tax bills. An exemption includes withheld value and a homestead cap.
WITHHELD VALUE
HOMESTEAD CAP
With exemption Appraised value
A homestead exemption removes some or all of a home’s value from being taxed. School districts must o er a $40,000 exemption, and other entities may exempt up to 20% of a home’s value.
In addition, a homestead exemption limits the increase of your appraised property value to 10% annually so long as no additional improvements or extensive renovations are made to the property.
$300,000
– $40,000 School district exemption
Without exemption Appraised value
Appraised home value 2021: $300,000 2022: $360,000
20%
$300,000
$260,000
Tomball ISD 2021-22 tax rate
Tomball ISD 2021-22 tax rate
$0.0125*
$0.0125*
X
X
Taxable value without exemption 2022: $360,000
Total owed to TISD
Total owed to TISD
$3,750.00
$3,250.00
*TAX RATE IS THE DISTRICT RATE DIVIDED BY 100.
Taxable value with exemption 2022: $330,000
$3,750.00
= $3,250.00
$500.00 Savings with exemption
–
TYPES OF
LOCAL EXEMPTIONS The following general exemptions exist for qualifying homeowners in the Tomball and Magnolia area. County appraisal districts can provide a comprehensive list.
Various homestead exemptions are available to Texan homeowners. General residence , the most common and easiest exemption to get, is for a homeowner’s primary residence. Age 65 or older exemption gives an additional $10,000 o for school districts in addition to the $40,000 general residence exemption. This exemption also exemptions vary but can equal up to 100% of a home’s value from all taxing entities. Spouses of persons killed in line of duty exemptions can withhold 100% of a home’s value from taxation, so long as the surviving spouse has not remarried. freezes school district taxes. Disabled persons and veterans HOMESTEAD EXEMPTIONS
SCHOOL DISTRICT EXEMPTIONS
CITY EXEMPTIONS
COUNTY EXEMPTIONS Montgomery County
Tomball
Magnolia ISD
No general exemption available. Exemptions may be granted for over-age-65 and disabled homeowners.
o home’s
value $40,000
20%
o home’s value
Tomball ISD
Magnolia
o home’s
value $40,000
$5,000 Property owners receive a maximum exemption of o their valuation.
Harris County
20%
""HOMESTEAD EXEMPTIONS CAN BE CRUCIAL FOR SOME PEOPLE. IT HELPS SAVE MONEY."" ASHLEY TILTON, HOUSTON PROPERTIES REALTOR
o home’s value
Serving Magnolia and Tomball since 1996, helping families dream big in our backyard
Residential Farm & Ranch Commercial
36822 MEADOW CREEK MAGNOLIA, TX 77355
Lisa Carswell
MAGNOLIA 713-206-8345 • PINEHURST 281-351-2606 • WWW.CARSWELLREALESTATE.COM
23
TOMBALL MAGNOLIA EDITION • JULY 2022
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