Homestead Exemption Changes
Homestead exemption changes are coming. It’s almost the first of the year on the
First of the year, but thank you. This is another. I want to thank the Texas realtors. You know, tree pack our legislative team that actively identify some of these issues and brings it to Legislature. And this one got passed. So as of January 1st, you know, there’s always a rush.
And Stacey talked about it in her weekly update. There’s always a rush to get your home closed by the end of the year, so you can take advantage of that homestead exemption because you have to have closed and live in the home on January 1st to be able to take advantage of that. But as of January 1st, twenty twenty two just around the corner.
No longer is the case. So you’re able to, whenever you close, file that exemption immediately and take take advantage of that savings.
Yeah. To me, it never made sense that you had to wait until the first to file that. But I guess it is what it is. So this is a good improvement. You have a link for us and you want to
Share the screen. So you guys, if you want to assist your clients in finding the homestead exemption application, you just go to your we put this one up here to the calling card.
That’s where we reside in Collin County. But you go to the appraisal district website and all of their applications will be on there. This one shows you additional exemptions that could apply that may be your clients didn’t know about. So you can typically do this online, but they no longer have to wait until January.
They can follow it any time now. If the homestead exemption is currently in place, then they will be able to continue to take advantage of that.
This only really applies if the homestead exemption is not on the property, which we’re going to see more and more. I think we have a lot of investors doing flips and you know, as we know, you can only have the homestead exemption on your primary residence.
So if somebody is buying an investment property or someone’s second home, you know this will be a great, great way for them to go ahead and take advantage of that tax savings.
Ok, so that would be specifically maybe if they bought a home from one of those big investment firms. Right? Yeah. Okay. Yeah.
And just a little another thing to think about that’s on the table will be voted on in May of twenty twenty two is to change the homestead exemption from twenty five thousand to 40, which as prices have gone up, that only makes sense to me. So. That’s something to look forward to.
Ok, so you should got to get out and vote, so we should grab all of these links in. This could be an email that we put together and it is sent out if the seller is any one of those institutional companies. Yeah, OK. So we’ll get together and we’ll meet on that and see if Anna can help get us all those those links together from the different counties
That, well, they can’t file to January. So if they close this year, then they have to wait until January, but anything after January. You know, it’s a great opportunity for you to talk to your clients and let them know they no longer have to wait. That’s the worst. You closed January 3rd and then you’ve got to wait the whole other year.
No fun. I don’t know if it’s actually the worst, I mean, you bought a house, so you should be kind of happy to and it’s like not like You probably put all your money into it and if it goes up that year?