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DID YOU KNOW? HOMESTEAD EXEMPTION IN TEXAS

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Tips by Top Dallas Real Estate Agent, Broker Associate, CRS, GRI, REALTOR

DID YOU KNOW? HOMESTEAD EXEMPTION IN TEXAS



If you’re a homeowner, chances are you’ve heard of a homestead exemption. Do you know what it means and how to apply? We’ll attempt to answer that question in a simple way and point you in the right direction.

Texas is one of few states that offer “Homestead Exemption” to its residents. If creditors are hounding you for unsecured debts—as opposed to secure ones, like your mortgage—they can’t take your home as collateral, as long as you declare bankruptcy. In fact, they can’t even place a lien on the property to collect when you sell. These exemptions vary by state: Some, such as New Jersey, have no such safeguard; in California, individuals’ homes are protected up to $75,000. Yet a handful of states—Arkansas, Florida, Iowa, Kansas, Oklahoma, and Texas, as well as the District of Columbia—have unlimited homestead exemption. The homestead exemption isn’t a bulletproof way to ward off foreclosure. Remember, it applies only to unsecured debt such as credit cards—not secured debt like your mortgage.

According to a recent study at Harvard Medical School, doctors in the states like Texas with unlimited Homestead Exemption bought homes that were 13% more expensive than the homes of doctors elsewhere!

Remember that after you have bought a new house, you need to file for the homestead exemption with your county appraisal district. Here is a link to Dallas County Appraisal District.

Here is a FAQ on homestead exemption for Texas

http://www.window.texas.gov/taxinfo/proptax/exemptions/residence_faq.html

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The above information regarding the “What's My Frisco TX Home Worth? September 2017 Update" was provided by Nitin Gupta, REALTOR. Nitin has experience helping families buy and sell homes in the Dallas/Fort Worth area. If you’re thinking of selling or buying, he would love to share his knowledge and expertise. Learn more about Frisco real estate market and Denton County Real Estate news at

http://www.nitinguptadfw.com/blog

The communities he proudly serves include University Park, Frisco, Coppell, Frisco Flower Mound, Colleyville, Grapevine, Highland Park.


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