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Answers (3)
Best Answer
- Dallas Banker
- Contributions:335
mzlspoon - A homestead exemption only exempts a portion of your taxes. In Texas, this is 20% of your home value plus additional county exemptions. Here are the tax rates for Bell County. Although your taxes will probably be less than 6K, it will still be substantial and does need to be taken into account. You are being misled if the agent is making it seem that the taxes will be a small amount. As a side note, you should figure it into your mortgage payment; I guarantee your loan officer will for qualification purposes.
- wayne lancaster, "funds2"
- Contributions:1177
The question you need to determine is if the current property has a Homestead Exemption. If so the real estate taxes for 2010 will be based on that amount and you will pay taxes accordingly. If not, the Homestead Exemption you are entitled to will not go into effect until after Jan. 1, 2011,(the first date you can file) which means your real estate tax part of your payment would not be reduced until Feb. of 2012.
I would suggest you call the the Bell County real estate tax assessment office and learn the details first hand. Your agent doesn't appear to be given you accurate information.
I would suggest you call the the Bell County real estate tax assessment office and learn the details first hand. Your agent doesn't appear to be given you accurate information.
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
I really really hope that you misunderstood your agent when she said that you shouldn't take them into consideration.
The homestead exemption will help some but it's not going to cut them in half. It will be a few hundred dollars only. Also, depending on what month you close, you have to be the owner of the home by January 1st to qualify for the exemption. So, if you purchase in February, you have to pay the full 6K that year and then apply for the exemption the following year.
The only time you would take advantage of it now, is if the current owner has the exemption too .
Naima
The homestead exemption will help some but it's not going to cut them in half. It will be a few hundred dollars only. Also, depending on what month you close, you have to be the owner of the home by January 1st to qualify for the exemption. So, if you purchase in February, you have to pay the full 6K that year and then apply for the exemption the following year.
The only time you would take advantage of it now, is if the current owner has the exemption too .
Naima
Homestead Exemption in Texas (Bell County)
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