homestead exemption savings in texas
of $72.79, for the increase in the exemption amount. 3. When did the City decide to provide a tax exemption for disabled or senior citizen property owners? In 2012, El Paso City Council approved increasing the exemption for seniors and the disabled effective January 1, 2015. Texas Homestead Exemption for School District Property Taxes 1. What is a homestead exemption? It is a discount that removes part of your homeâs value from taxes. For example if your property is appraised at $100,000 and you qualify for a $25,000 exemption, you will pay school taxes on your property as if it was worth $75,000. 2. Do all homes qualify for a homestead exemption? No, the property must be your principal residence. 3. How much can taxpayers save with the homestead exemption? Taxpayers may save approximately $300 in school taxes, depending on what