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Old 06-04-2013, 02:14 PM
 
Location: Austin, TX
527 posts, read 1,232,470 times
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Hi all, I'm building a new house that probably won't be complete til Jan-Feb next year. I'm certain to miss the Jan. 1st residency requirement for filing the homestead exemption. Am I just hosed on the exemption until 2015?
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Old 06-04-2013, 02:34 PM
 
Location: Austin, TX
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I don't think they can value your property as that of a new home until you can occupy it. So your property values should be really low and property taxes should not be much.

I do not know if you can file for the HS Exemption based on planned occupancy dates, it is worth a try. If they don't approve it I don't see how they can tax you based on property improvements that you can't occupy.
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Old 06-04-2013, 02:54 PM
 
Location: Austin, TX
527 posts, read 1,232,470 times
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Quote:
Originally Posted by CptnRn View Post
I don't think they can value your property as that of a new home until you can occupy it. So your property values should be really low and property taxes should not be much.

I do not know if you can file for the HS Exemption based on planned occupancy dates, it is worth a try. If they don't approve it I don't see how they can tax you based on property improvements that you can't occupy.
I don't mean for 2013, as the house won't be finished yet. I mean to ask if it would be too late to file for HS Exemption for 2014 if the house is still not finished by Jan 1st?
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Old 06-04-2013, 03:02 PM
 
Location: Austin, TX
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Check out the Property Tax Basics document at the bottom of this page. Travis Central Appraisal District

If that does not answer your question you should probably give them a call and ask it. Phone numbers are on that link.
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Old 06-04-2013, 03:43 PM
 
Location: Austin, TX
527 posts, read 1,232,470 times
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Quote:
Originally Posted by CptnRn View Post
Check out the Property Tax Basics document at the bottom of this page. Travis Central Appraisal District

If that does not answer your question you should probably give them a call and ask it. Phone numbers are on that link.
Looks like it's the same as I read everywhere else:

To qualify for a homestead exemption, you must own and occupy the home as your principal residence on Jan. 1.

Guess I'll have to wait for 2015
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Old 06-04-2013, 03:52 PM
 
Location: Austin
7,244 posts, read 21,802,928 times
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Yes, you'll have to wait until 2015 and since it will be a house structure on Jan 1 2014, you will more than likely be assessed at full value. Assessments don't go out until April-May and they make ever effort to go back and double check new construction as they want their taxes.
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Old 06-04-2013, 04:35 PM
 
Location: central Austin
7,228 posts, read 16,097,872 times
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Yes, you will have to wait if you are not occupying the property on Jan 1st! Happened to me, we built a house and it got a CO on 1/19 and we moved in on 1/21, homestead exemption had to wait until the next year!
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Old 06-04-2013, 04:43 PM
 
Location: Austin, TX
527 posts, read 1,232,470 times
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Thanks for your replies everyone!
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Old 06-04-2013, 04:56 PM
 
Location: Austin, TX
16,787 posts, read 49,052,964 times
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So you will have a larger income tax deduction for 2014.
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Old 06-04-2013, 05:52 PM
 
Location: Austin, TX
527 posts, read 1,232,470 times
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Quote:
Originally Posted by CptnRn View Post
So you will have a larger income tax deduction for 2014.
How do you figure that?
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