How the Homestead Exemption Lowers Your Property Tax Bill

A homestead exemption removes part of a home's value from the tax calculation. The usual full-year path is to own the home and use it as your main residence on January 1. A buyer who qualifies later in the year may get the exemption for the rest of that year if the prior owner did not have the same exemption.

Apply with the Collin Central Appraisal District (CCAD). The general deadline is before May 1, and there is no filing fee. CCAD decides whether the home and owner qualify. A homeowner who is 65 or older may also qualify for an added exemption.