Homestead Act Lowers Property Tax for Homeowners
One thing you may not know or remember is your right to claim your Texas Homestead exemption.
(PRWEB) December 26, 2005 --The state of Texas is unique in its application of homestead protection. Although this protection is very substantial, it presents serious limits on the ability of a homeowner to mortgage his/her homestead.
To qualify, the home must be the principal residence on January 1, owned by the person applying for the exemption, and the applicant cannot benefit from a homestead on any other property.
The urban residential homestead consists of a lot or lots of 10 acres or less that is located within a city or town. There is no limit on the value of the land and its improvements entitled to homestead protection. Rather, what is defined as homestead is based solely on the size or acreage of the land involved.
The Texas homestead exemption began as protection for the wives and children of the early settlers in the event the man of the house was lured into a not-so-honest game of chance or decided he needed a few dollars more to continue a night out on the town. More seriously though, the wives and children of a deceased breadwinner were secure in their homestead and could not be removed because of some improper or manufactured claim of debt.
To find out more about your exemptions contact your local Tax Assessor’s office or visit my website at www.mysahomes.com
Teresa Cramer is an independent Realtor with Century 21 Smith and Associates of San Antonio, Texas. She has been dedicated to providing friendly, professional Real Estate services for more than 5 years. If your looking for service with a smile contact me.
Teresa Cramer
Century 21 Smith and Associates
210-408-1177
http://www.mysahomes.com
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