Texas is known for its lack of state income taxes, but it has one of the highest property tax rates in the country. Fortunately, there are a range of tax exemptions available to Texas residents that can help reduce the amount of property taxes they must pay. To make the most of your money when buying real estate in Tarrant County, it is important to understand what exemptions are available and how to apply for them. The state of Texas requires certain mandatory exemptions, while local governments have the option to offer additional ones. These exemptions can be partial or full, and are determined by the assessed value of the property.
To apply for an exemption, an organization must request a “letter of determination” from the Comptroller's Office by completing Form AP-199. The requirements to apply for a family housing exemption vary from county to county, so it is best to work with a property tax advisor who knows the requirements of the application process in your county. By taking advantage of any tax incentives available when buying real estate in Tarrant County, you can save money on your property taxes. Knowing what exemptions are available and how to apply for them can help you make the most of your money.
