You may apply for homestead exemptions on your principal residence.  Homestead exemptions remove part of your home’s value from taxation, so they lower your taxes.

For example, your home is apprased at $100,000, and you qualify for a $15,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $85,000.  Taxing units have the option to offer a separate exemption of up to 20 percent of the total value. (Cy-Fair ISD does give 20% additional exemption).

To qualify, a home must meet the definition of a residence homestead.  The home’s owner must be an individual and use the home as his or her primary residence on January 1 of the tax year.  If you are 65 or older, the January 1 ownership and residency are not required for the age of 65 homestead.

You can get an application for homestead exemption in Harris County, Texas by visiting www.HCAD.org.  Applications may be filed in January.  So, if you purchased a home in 2010, in order to get the homestead exemption in 2011, you have to file an application in January of 2011.

Additional homestead exemptions are also available for the desabled, over 65, and disabled veteran’s.