Off to the races we go! Every year informed home buyers attempt to beat the clock and close on their purchase of their primary residence before the end of the year in order to claim their homestead exemption for the following tax year. 
The reason behind this so-called “race” is due to the rule that stipulates that one must own their primary residence for a full calendar year before the homestead exemption and thus, property tax savings will apply.

So for those who are debating their purchase, it’s just one more reason to act now!

For more information about the homestead tax savings, please visit the following site or you can request the form at your closing.

http://www.window.state.tx.us/taxinfo/taxforms/50-114.pdf