The Homestead Exemption Cuts Your School Taxes

Texas law requires school districts to knock $140,000 off the taxable value of your home. That is called the homestead exemption. If your home is appraised at $300,000 and you qualify, the school district taxes you as if it were worth only $160,000. That saves you real money each year.

To qualify, the home must be your main residence. You file a one-time application with the Dallas Central Appraisal District (DCAD). DCAD is the office that sets your home's value. The general deadline is before May 1. Check dcad.org for the current form and any updates to the rules.