In general, if you fail to pay property taxes in Texas, there is a possibility of the county foreclosing on your property. Texas authorities calculate the property taxes by multiplying the tax rate by the house’s taxable value. Texas has 254 counties; every county assessor has its processes for estimating local properties. These local state government officials decide on both property tax rates and home values. If you have a residential homestead and are over 65 years old or disabled, you can qualify for exemptions on your property taxes. 

Over 65 or Disabled Exemption:

  Along with the $25,000 exemption that all homestead owners receive, those aged 65 or older or disabled are eligible for a $10,000 house exemption for school taxes. You can apply to the local appraisal district up to one year after the date you turn 65 or up to 2 years after the taxes are due. If your application is approved, you will receive the exemption for the entire year in which you become age 65 or become disabled and for subsequent years as long as you own the qualified homestead. Be sure to review your property tax statement to make sure the exemption has been applied. 

Homestead Exemption:

In order to get the above exemption, that property needs to be your primary residence and also have a Homestead Exemption on it. You can file a homestead exemption with your local appraisal district. You can file a homestead exemption any time up to two years after the delinquency date of February 1st.  

As one of the largest Property tax lenders in Texas, Ovation Lending has extensive knowledge in property tax deferrals for homeowners who are disabled or 65 years and older. We will assist in helping you understand your options with the county. 

Call us at 877-419-7392 to discover why thousands of property owners just like you trust in Ovation Lending.