LIMITATION ON APPRAISED VALUE OF RESIDENCE HOMESTEAD (Known As: 10% HOMESTEAD CAP)

On Friday, February 12, 2021 Governor Greg Abbott issued a Disaster Declaration in response to severe winter weather in Texas. This declaration enables property owners in Collin County to file for a temporary property tax exemption under Section 11.35 of the Texas Property Tax Code for qualified property damaged by the disaster. To qualify for the exemption the damage to the property must be at least 15% of the District’s 2021 appraised value of the property.

New law unlocks property tax savings for inherited homesteads In 2019, a new Texas law (Senate Bill 1943) opened up important property tax savings for “heir property owners” — homeowners who have inherited their primary residence. First, the new law makes it easier for heir property owners to qualify for a homestead exemption, by creating clearer and more accessible application requirements. Second, once an heir property owner has a homestead exemption in place, they can now qualify for a 100% homestead exemption when the home has co-owners, rather than a partial exemption. Obtaining the full benefits of the homestead exemption is important because it can lower your property tax bill by hundreds or even thousands of dollars a year. For those who are age 65 or older or have a disability, the homestead exemption provides additional benefits, such as the right to pay your taxes in installments without penalties. Read below for important information on how to qualify for these important property tax savings.

If the owner (typically the developer) files a waiver under 23.20 of the Texas Property Tax Code, waiving special appraisal for the MUD or WCID taxing unit only, there will be two tax parcels for each affected property, until the January 1^st ownership is in the name of the end-user (homeowner).

More details are contained within this download.