Claiming Property Taxes on Your Tax Return

Property owners can benefit greatly from being educated about the financial responsibilities associated with owning land. Knowing what types of tax deductions are available to you as a landowner can save you money during tax season. 

In Texas, home prices have escalated within the last decade. Therefore, property taxes have increased, regardless of Texas not having a state tax.

Local governments are the ones who establish property taxes, not the state, according to the Texas Comptroller. School districts, cities, and counties all affect your property tax. 

Thankfully, there are numerous property tax exemptions available to those who are eligible in Texas. These tax exemptions can be a great financial help to property owners with high property taxes. SRC Land would like to educate landowners and those considering buying land on how to potentially get property tax exemptions.

Property Tax Exemptions Available in Texas 

In Texas, there are quite a few property tax exemptions available for property owners who qualify. 

Most of the tax exemptions are available to the majority of landowners but some have specific requirements to qualify, for instance, disabled veterans or those who have wind and solar energy devices installed on their property. 

Here are the tax exemptions offered to landowners: 

  • Residence Homestead – School districts have to have a residence homestead exemption in Texas. If implemented in your county, you can be eligible for alternatives for further exemptions, like in counties that impose flood-control taxes. 
  • Inherited Residence Homestead – Residents of Texas who have inherited property may qualify for this exemption if the specific criteria is met. 
  • Seniors and Disabled Persons Exemption – Individuals 65 or older and people with disabilities can get this exemption. Widows and widowers of landowners may also be eligible if the requirements are met. 
  • Veterans Exemption – Limited exemptions are available to disabled veterans (and their surviving families) who qualify. Veterans who are fully disabled may be eligible to have their whole property tax bill excused. Spouses of the deceased may be eligible. 
  • Solar and Wind-Powered Energy Devices – If you use energy from solar and wind-powered energy devices on your property, you may qualify for this exemption. 

Eligibility for Property Tax Exemptions

If the Texas homeowner uses their property as their main residence, they are likely to qualify for the homestead exemption. 

Other exemptions require you to meet certain criteria. For example,  age requirements for the 65 and older exemption. Also, the person’s disability determines if they qualify for the disability exemption. 

Remember, most exemptions require you to fill out an application before the deadline.

Texas Property Tax Exemptions Values

The value of Texas property tax exemptions varies between exemptions and the eligibility of the property owner. The following is an estimate of the values of property tax exemptions:

Residence Homestead Exemption

  • School districts may provide $25,000 
  • 20% of property worth
  • $3,000 more in exemptions for counties that have farm-to-market or flood control taxes

Senior or Disabled Exemptions

  • Additional $10,000 of exemptions via the school district 
  • Extra $3,000 of exemptions

Veterans Exemption

  • Exemption affected by person’s disability 
  • Completely disabled veterans may get 100% back 

Solar and Wind Power Energy Device

  • The value of the property, including any renovations, determine eligibility for this exemption

There is a chance you meet the requirements for a few of these exemptions. It is in your best interest to apply for any exemption you may qualify for. 

Applying for Property Tax Exemptions in Texas

A lot of exemptions require you to apply only one time and you are rarely asked to submit a new application. Most of the exemption applications use very similar application forms, but a few are different. 

All applications are available on the Texas Comptroller’s web page

SRC Land Guiding Landowners on Property Taxes and Possible Exemptions

Landowners know that property taxes can cause a big financial impact. Thankfully, Texas offers exemptions that can lessen the financial strain property taxes cause, especially to those who qualify for multiple exemptions. 

Experts at SRC Land suggest learning about property taxes deductions if you are thinking of buying land for sale in Harlingen, TX.

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