Dawn, love your tips. Thank you for taking time to do these for us. Appreciate you!
Thank you Rockie! We appreciate you as well!
Thank you Dawn for your wonderful tips! My question is about the Over 65 Exemption. If the seller IS going to claim this exemption on a new home in Texas after closing, does that mean that the portion of the time they lived in their current home did not qualify for the Over 65 therefore the proration is only for the Homestead Exemption? I believe that's what I heard you say. Again, many thanks!!!
My question is the same as Belinda's. It did sound as if the seller will only be able to claim the over-65 exemption on their new home, and must pony up a larger than anticipated share of taxes on the home they are selling. Maybe I misunderstood.
Hi Belinda and Melinda, yes, IF they are moving the exemption to the new property, they'll get the benefit of the exemption only on the new property for that tax year. But remember that they do not have to move it. If the home they are selling is the higher-valued property, they may wish to keep the exemption on the property they are selling for this tax yer, and the proration on the sale would be calculated including the exemption. Let us know if you have further questions- email@example.com