How much is the Homestead Exemptions

Because every taxing jurisdiction decides how much they are going to allow for the Homestead Exemption, there isn't an easy answer for how much the Homestead Exemption will reduce your tax bill. In the dark ages when I first got exposed to this information, the Exemption was a flat dollar number. At some point, it got shifted to a precentage of value. Expect that precentage to come in between 15% and 20% of the total assessed value.

Texas is one of the few states that doesn't cap the valuation.

For a good overview on the Homestead Exemption, go see: http://www.window.state.tx.us/taxinfo/proptax/exmptns.html