In case you don’t know, a homestead exemption is a good thing to have. Why? In Texas, a homestead exemption allows a deduction equivalent to 20% of the home value for your principle residence. This does not apply to 2nd homes. Essentially, the exemption deducts 20% of your home’s value from being taxed, which significantly reduces your taxes owed.
From now on, in order to qualify for a homestead exemption, the following documents must match the address in which you’re applying for the exemption:
- Vehicle Registration
- Texas Driver’s License OR Texas ID Card