The Homestead Exemption Saves Money on Your Tax Bill

A homestead exemption reduces the taxable value of your home. Texas school districts must give a $140,000 exemption on a residence homestead. That alone can cut a significant portion of your school tax bill.

You apply once with the Wise County Appraisal District. You must own the property and live there as your main home. The general filing deadline is April 30, but you can file up to two years late and still get the benefit. Download Form 50-114 from the Texas Comptroller to apply.