Property tax exemption status is determined on January 1 of the tax year. If you live in the house as your principal residence as of January 1, then you are entitled to a Homestead Exemption for that tax year.
The Homestead Exemption will reduce the total tax bill by an amount between 15% and 20%. We are talking serious money here.
Sometimes new homeowners get so overwelmed by the process of homeownership, they may miss out on filing the Affidavit the first year. All is not lost. The taxing authority will apply the exemption to one prior tax year. The critical thing is to get it filed!
The affidavit has to be signed before a notary. Once it is on file, that it it. The taxing authority assumes that you continue to use it has your principal residence until you sell the property.
To print out the form go to: http://www.window.state.tx.us/taxinfo/taxforms/50-114.pdf
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