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You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes.
The Tax Code allows a chief appraiser to approve the following late exemption applications, which may result in a refund: residence homesteads (Tax Code Section 11.431); veteran's organization exemption (Tax Code Section 11.438); and. disabled veteran's exemption (Tax Code Section 11.439).
How long does it take to process a homestead exemption application? It can take up to 90 days to process a homestead exemption application. A property owner can always check the status of their application using our online portal or the property search function on our website.
To qualify for the general residence homestead exemption an individual must have an ownership interest in the property and use the property as the individual's principal residence. An applicant is required to state that he or she does not claim an exemption on another residence homestead in or outside of Texas.
Put simply, a homestead exemption lowers the taxable value of your property. This means you will pay less property tax on your home. As of August 2023, you're entitled to up to $40,000 in value reductions. This is only a general guideline figure, though.