Homestead exemption cuts your school tax bill

If you own and live in your home in Taylor County, you can apply for a homestead exemption. The school district must cut $140,000 off your taxable value by state law. That alone can save you several hundred dollars a year, depending on the tax rate.

You file the application with the Taylor County Appraisal District, not the school. The general deadline is before May 1 each year, though late applications may be accepted. You must use the home as your main residence. People 65 and older or those with a qualifying disability get an extra $60,000 school district exemption on top of the basic one. Check the Comptroller's site for current rules before you apply.