Homestead exemption can lower your property tax bill

A homestead exemption lowers the taxable value of your home. That means a smaller tax bill each year. Texas law requires school districts to exempt at least $140,000 of a home's value for a qualifying homestead. Other local taxing units in Madison County may offer their own extra exemptions.

You only qualify if the home is your main residence. A rental or vacation property does not count. To apply, file with the Madison County Appraisal District — not the tax office. The appraisal district is the office that decides what your home is worth for tax purposes.

The general deadline to file is before May 1 of the tax year. The Texas Comptroller's website has the official application, Form 50-114. It also explains who qualifies. Always check current deadlines and amounts with the appraisal district directly, since rules can change.