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The Texas Homestead Exemption

March 3, 2008

One of the protections afforded to you when you purchase Fort Worth Real Estate is the option to homestead your property. Once a property has been designated as a homestead, no creditor except a mortgage holder, a lien holder for a home improvement loan, or a taxing authority can force the sale of the home for non-payment of a debt.

Back in the days of the wild and wooly west, this law was enacted to protect the wives and children of the more irresponsible settlers, who had a tendency to gamble away their possessions after imbibing a bit too much moonshine. In the event of the man’s death, the family was protected against false claims of debt and could not be forcibly removed from the home.

Eligible Properties

Any piece of Fort Worth TX Real Estate that serves as the primary residence and is inhabited by the owner of the property can qualify for the homestead exemption. It can include property up to 20 acres, as long as the entirety of the property is for personal use and considered part of the yard. The structure may be a single family home, condominium, or manufactured home. The applicant must file as an individual, not as a corporation or other type of business. Ownership and residency requirements do not apply for those age 65 and older.

Tax Benefits

Since all Fort Worth real estate is taxed, there is a homestead exemption you may be able to apply towards your tax exposure. All homestead owners receive a $15,000 exemption off of the home’s value for school taxes. This means if your home is worth $185,000, taxes would be levied on $170,000.

If a person is age 65 or older, and/or is disabled, they may qualify for another $10,000 school tax exemption, in addition to the $15,000 exemption allowed for all homesteaders. If a homestead owner is over 65 years old and disabled, that person only qualifies for one $10,000 exemption.

There are other requirements specific to homesteading your property. Check with your attorney or real estate expert if you believe this would be beneficial to you.

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