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Market News and Trends, The Business of Real Estate

Texas Homestead — new rules

In case you missed it, the Texas Legislature enacted new rules in this year’s session aimed at making sure that property owners claiming the Homestead Exemption from a portion of their property taxes are legitimately using the home as their primary residence.  That law took effect on September 1, 2011.  If you already own your home and have your exemption in place, this does NOT affect you, but …

If you buy a new home and need to file a new Homestead Exemption Application, or if you want to add additional homestead-related exemptions (“Over 65,” for example) you will need to provide more info than in the past.  Specifically, you’ll need to provide a copy of your Texas driver’s license (or State-issued ID) and a copy of your vehicle registration receipt.  The addresses on both must match the address you are claiming as your homestead.

If you bought a home this year, don’t rush out to file for your homestead exemption.  You’re not eligible to claim it until January 1, 2012 anyway.  (And don’t fall for a scam by paying somebody to file it for you!)  When the time comes though, be aware of these new requirements.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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