As a property owner, understanding your rights can significantly reduce your property tax burden. Here's a breakdown of key benefits you may be eligible for:
1. Residential Homestead Exemption for Homeowners
If you own and live in your home, you may qualify for a residential homestead exemption. New homeowners can apply through the Tarrant Appraisal District (TAD), and subsequent filings might be necessary for changes in residency or additional exemptions.
2. Full Homestead Exemption for Heir Owners
Senate Bill 1943 now allows qualifying heirs to claim a residential homestead exemption on 100% of the property, not just a portion. This applies to heir properties acquired through wills, transfer on death deeds, or intestacy, where at least one owner claims it as a residence homestead.
3. Additional Exemptions for Seniors and Disabled Individuals
Those over 65 or disabled under Social Security law can apply for extra exemptions, including relief on school and local taxes. This provides ongoing tax relief for eligible individuals.
4. Tax Deferrals for Homeowners
Homeowners facing a significant increase in property value can defer part of their taxes. However, interest continues to accrue on the deferred amount until it's paid.
5. Special Exemptions for Disabled Veterans
Veterans with service-connected disabilities can claim exemptions based on their disability rating. Surviving spouses of veterans who died on duty may also be eligible for exemptions.
6. Agricultural Property Benefits
Farm and ranch owners can receive alternate appraisals based on their property's agricultural use. This method considers farm income and is available for properties raising crops, livestock, or used as wildlife habitats.
How to Apply
Applications for these exemptions are available on the TAD website, and there are no fees for filing. Para asistencia en español, llama al (817) 284-4063.
Understanding and leveraging these property tax benefits can significantly reduce your financial obligations as a property owner. Explore your eligibility and take advantage of these opportunities to ease your tax burden.