Homestead Exemption Can Lower Your Tax Bill

Texas school districts give a $140,000 exemption on a main home. Other local taxing units may add their own tax breaks. You generally need to own part of the home and live there as your main residence.

A buyer who qualifies after January 1 may get the general exemption for the rest of that year. This only works if the prior owner did not get the same exemption that year. File Form 50-114 with Tom Green CAD. The usual deadline is before May 1, but late and partial-year rules also exist.