Hi, Shana Acquisto, broker of Acquisto Real Estate, and I am honored actually today that we have you on again, Dr. Blake Bennett. He is here to talk about exemptions in Collin County. You do not know these things. I would almost be willing to bet. And as we’re out there, we talked about this earlier as we’re out there, you know, klon around trying to find listings and provide value to sellers.
These things are that this is going to definitely add value to you guys as real estate agents and help you out there in the market and get some some new business. So first, let’s talk about the homestead exemption. OK, so what do I know? What do we not know about the homestead?
I think everybody knows about the homes. All the real estate agents know about the homestead exemption. You know, you help. We hope we hope you file it with the county and on the on your residence homestead and you’re offered a minimum twenty five thousand dollars off of your school taxes. Now, all the other taxing entities in the county, you know, your city, your your any of your taxing districts, your junior college, they can also honor that and they can give a different rate for themselves.
But your school taxes, that’s your big one. That’s the one that is the biggest category. And all your property taxes, you get a minimum twenty five thousand dollars off just for filing your homestead exemption. OK, now I’ve got a question for you, OK, how many times do you see people that just forget or just do all the time?
Yes, by the time I think that if they purchased a home in January, you can’t file that till the following year. Well, that’s a lot of time that is passed. And, you know, they forgot about it and maybe they didn’t have a real estate agent to remind them or a lender to remind them. I know that we do that, but that’s a huge opportunity to get back in front of your client and talk to them, because it is amazing how many do not file you as realtors should go in and double check and see if they filed.
You should go and check that. I think that also it’s an excellent time to say, you know, you made such a good decision last year to purchase this home. Look, do a market analysis form and say, look, here’s how much you’re the price of your home has gone up. Are you ready to upgrade?
Are you ready to upgrade?
You know, look at it. I was so smart last year. So it’s time to follow your homestead. But are you ready to upgrade because you have so much more equity in your home? That’s lots of opportunities to think outside the box.
Absolutely. You know, when I think back to whenever I first moved here in 1999, new homeowner fresh out of college, I knew nothing. And I get this little letter in the mail. And it said, hey, it’s time to file your homestead exemption, we can do it for you for a fee, would you do that? Would you suggest homeowners pay that fee?
Absolutely not. It’s free. Why would you spend money to do that? And I have actually had people pay the fee, call us later, like, hey, I paid this fee and I still don’t have my homestead exemption filed.
Exactly. Right. Do it yourself. It’s simple. It’s you can download the form online. You can send it in to the central appraisal district. Simple process to do. Luckily, I kind of was suspicious. Whenever I got that letter in the mail, I actually filled the form out
As a young brand new homeowner. I actually filled that form out. I mean, I just graduated and just finished, bought my first home. I filled it out, but then I started doing some searching and I said, well, this is free for me to do. Why would I pay them? So ultimately, I filed it myself. And it was nice because whenever we first moved here, we bought a house for ninety nine thousand nine hundred dollars. Where do you get it was in Waialae. It was actually a three bedroom, two bath home, and it was a five 10 year old home. I mean, that was the going price then. Yeah, and Good old days.
And so you take that that homestead exemption off of the value of that home. That is a big difference. That was a twenty five percent drop at the time. Yeah. So it’s it’s a drop in the property tax. Yes. From just me five. And you’re giving away money if you don’t give it away money. And you know, and like realtors, we are not out there just selling, helping people sell their homes and buy homes.
We are real estate consultants. So we need to be aware of all of these unique opportunities and ways to save your clients money and stay in front of them and guide them. It’s it’s long after the closing once you have a client. And we used to have a little slogan client for life and we had a little client for life program, but they truly are. If you work so hard to get a client, you’ve developed that relationship. There’s no reason why it should ever go away. So I’m so glad you’re here talking about these things. So is there. So when do you file your homestead exemption?
Now’s the time. Get them in now. And if you’ve purchased the home, now’s the time. Get it in. Central Appraisal District can take that into consideration. Letters are about to be going out with your with your appraised value. And so now’s the time because once those values are set, you’re going to have to wait until next year.
They are. So I think. Is it may. Yes. OK, so May 15th is the deadline to file it. And I know you guys know this, but I’m going to remind you that if someone purchases a home and close, they cannot file it until the following January. So you have a window of opportunity January through May that you can file it. Otherwise it goes away and you have to wait till the following year.
So, you know, the information that you just provided and said that you had clients for life and you were a consultant for real estate, I think that that is ideal. I’ve run into some very good real estate agents that I’ve used. I’ve bought and sold a few homes in the Metroplex since moving here. Some of them I consider to be golden. And I would I would give my last breath to them because of what they’ve done for me over the time.
And I think that the consultant part I like the term of geographical and industry competency. You are whenever I come to you, I’m making the biggest purchase. That’s probably one of the most intimate purchases whenever I’m buying a home that I’m ever going to make. Yeah. And the next one that I buy is going to be even bigger because I’m probably going to be upsizing and then I will continue to do that until it’s time to downsize and then it becomes intimate again.
It does. And, you know, a key take away of what you just said is the next time I buy, how many people do you know that bought a home and never moved again? I mean, the average person, I it used to be five to seven years. And now I think it’s like one year that people stay in their homes there. It’s amazing. So.
Well, I don’t like change. I’m a creature of habit. Yeah. But I’ve lived in eight different homes in the Metroplex since nineteen ninety nine. Yes. That’s a long time. That’s what twenty one. Twenty two years. But still eight different homes in that time. Period.
How many realtors have you had?
Well, do you count a mother and then her daughter being one or two?
Did they work together?
No, they did not. The daughter, the daughter actually started I use the mother first whenever I first moved here and then used the daughter later when she started and the mother had retired and the daughter was actually my next door neighbor, OK at the time. So that was kind of unique. Yeah. You real estate agent I used whenever I first moved to the Metroplex and then I end up moving in next door to her daughter. But that was strange.
That is crazy.
That really is a very. Had no idea. No idea out. So that was a sign. Right, exactly. But but I’ve used, you know, some some houses. I built houses. And so if you use the real estate firm, then we’ll give you this discount. So, OK, we’ll do it.
But I can tell you, I’ve seen good ones and I’ve seen bad hands and those that are bad, you know, I don’t have much for even today. I mean, and I see the struggles now since working with with your industry. I see the struggles that you all have every day. And it’s unbelievable as an every day just run of the mill person had no idea how many problems can occur.
Oh, you have no idea. Offer flow. What we’ve got going on right now.
Oh, right now is is unbelievable. We actually have a seller that’s missing. Seriously, but we’re not going to digress. We’re going to dive back in to exemptions. We’re going to get this train back on track. We’re going to now talk about what I find when you were explaining this earlier is, you know, some really not insider information, but some really key, valuable information that’s going to allow you as realtors to be able to go out and maybe offer something that nobody else is offering. OK, so it’s the over 65.