BELL COUNTY, Texas — Property tax season will soon be upon us. Right now, appraisal districts are evaluating properties and assessing the market and soon enough notices will be in property owner's mailboxes.
Bell County Chief Appraiser Billy White told 6 News it's too early to tell what appraisals will look like across the board.
"Some things will probably go up and some things will go down just based off whatever the sales are doing in that area," White added.
This season of appraisal notices will be the first ones going out to people since Governor Greg Abbott signed the largest property tax cut in state history. The initiative included a change to how schools are funded which led many of the school districts to bring tax rates down. It also increased the homestead exemption from $40,000 to $100,000.
"A big difference considering school taxes typically are the biggest tax rate that you pay a part of your tax bill," White explained.
White said if you qualify for the homestead exemption it would be worth it.
"It can save you quite a bit of money especially if home values are going up like they were in the last few years," White said.
To qualify for the homestead exemption, a home must meet the definition of a residence homestead and an individual must have an ownership interest in the property and use the property as the individual's principal residence, according to the Texas Comptroller.
White wants property owners to know that it's become much simpler for people to apply for the homestead exemption and it also is a free service.
"There are companies out there that will do it for you for a price, but it's it's free and it's very easy," White said. "All you have to do is go online and file it. Most of you can do right there on your phone. Take a picture of your license, fill it out on your phone and it can be done in a few minutes if you have all the information in front of you."
If you are interested in applying for a homestead exemption in Bell County, you can do so here.
If you live in McLennan County and are interested in applying for a homestead exemption, click here.
The general deadline for filing an exemption application is before May 1. Appraisal district chief appraisers are solely responsible for determining whether property qualifies for an exemption, according to the Texas Comptroller.
White told 6 News that his team tries to stay on top of people who could qualify for a homestead exemption so people are aware that they can keep their property taxes lower.
"Generally we send out postcards to people that have just recently bought a house and we think they may qualify and encourage them to apply for that homestead exemption," White explained. "If they don't have a homestead exemption and they think they qualify, the law actually requires us to send out some extra information with notices about applying for that homestead."
White also wants you to understand that you are not automatically qualified for homestead exemption when you close on a house with a title company.
Another key takeaway for you when it comes to keeping your property taxes low, if your home is way undervalued it will eventually catch up, but by filing your homestead exemption you'll always get that break on that first $100,000.
"You will only pay taxes on the amount on the 10% value going up," White explained. "Even if their values were to stay flat this year, they are still likely to see an increase in their taxable amount which could likely lead to an increase in taxes Because their taxable rate, their assessed value is going to up 10 percent from last year because they're still well below the market value of that property. "
Appraisal notices will start going out around the end of March to mid-April.