Texas Disabled Veteran Property Tax Exemption (EXPLAINED)
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- Опубликовано: 3 авг 2024
- For Home Buying or Selling Assistance - www.raoulrowe.com Welcome back to my RUclips channel! In today's video, I'm sharing all about the process of applying for a disabled veteran property tax exemption in Texas. about the property tax exemptions available to disabled veterans in the Lone Star State. You'll learn about the eligibility requirements for these exemptions and see examples of how the exemption amount is calculated based on the veteran's disability percentage.
TIMESTAMP:
*Introduction & Topic (00:00-00:12)*
* 00:00: Greeting and speaker identification (Raul)
* 00:03: Video topic announcement: disabled veterans property tax exemption
* 00:07: Personal experience navigating exemption details as a homeowner
*Exemption Breakdown for 10-90% Disability (00:12-01:03)*
* 00:12: Clarification on exemption application specifics from the appraisal district
* 00:24: Introduction of disability percentage chart for exemption amount determination
* 00:31: Example calculation using 70% disability and $12,000 exemption
* 00:42: Summary of tax calculation based on reduced property value after exemption
*100% Disability Exemption & Additional Taxes (01:03-01:25)*
* 01:03: Mention of full property tax exemption for 100% disability
* 1:05: Clarification on remaining school and other tax payments
* 1:15: Recommendation for detailed information from tax assessors
*Conclusion & Call to Action (01:25-01:37)*
* 1:25: Expressing hope for video's helpfulness
* 1:28: Invitation for questions in comments or via email
* 1:33: Outro and thanks to viewers
Whether you're a disabled veteran yourself or you're just looking for information on how to help a loved one navigate the property tax system, this video has you covered. Tune in to learn more about the disabled veteran property tax exemption in Texas.
#TexasPropertyTax
#DisabledVeteranBenefits
#VeteranFinancialAssistance
#TexasRealEstate
Property Taxes Chart - www.texvet.org/propertytax
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Thank you Raoul, very informative. Short , sweet and to the point!
Great video. Exactly what I was looking for in a clear and concise format. Thank you!
It’s always good to listen to your information
Great to hear! Let me know if there is anything, in particular, you would like me to cover.
Love the fact you made this. Great video and explanation.
Glad you liked it!
I appreciate the video sir. It was very confusing, so thank you for clearing it up.
i would like to point out how utterly useless this property tax adjustment is. in the example you use, from 200k to 188k, the veteran saves himself a whopping 22$ in property taxes that year. i am at 60% and save 10k off of the value of my 400k home so i save myself a grand total of 6.40$ off of my property taxes of 11,000 a year. 6 bucks. thanks texas. so awesome of you to save me 6 bucks. imho it gives Texas the ability to say look we are helping vets, without actually helping vets. honestly Texas can gfo.
Hmm, I agree in some cases this exemption is little to nothing but here is a DV exemption of a veteran that is 70% with a taxable valuation of their home at $277K -
Taxes w/Current Exemptions: $5,532.89
Taxes w/o Exemptions: $7,129.63
It's not the 100% no tax thing, but that bit of money isn't too bad. Not sure how you are only getting $6 off.
@@RaoulRowe I know this was from a long time ago. However, do you recall if example of taxes with current exemptions above also includes the homestead exemption? I agree with the original comment that it appears the disabled Veteran property tax adjustment doesn't save all that much money. Let's walk through an example. Home value = $200,000. 30% disabled qualifies for $7,500 from the property's value. Taxable value is now $192,500. Assume a tax rate of 1.2%. Tax savings is $90 on an annual basis. While something is better than nothing, it's really not too exciting. Thanks for your time!
🔥💯 good and straight to the point
Really great information! And the link is quite useful. I would have missed out if I didn't see this. Many thanks!
Very welcome!
Much needed info thx sir
Thank you. You explained exactly what I needed to understand. May God Bless
You're very welcome!
Great info. Thank you
Very welcome!
GD job... thanks for confirming what I was thinking. 💯
No problem!
Thank you my brother!!!
Very welcome!
Thank you for posting these videos it is definitely like pulling teeth trying to find all of the benefits we qualify for. Is the exemption something that we would need to apply for on a yearly basis?
Very welcome! Once you file, that exemption stays with that property. No need to apply each year.
What if I acquired more the 1 property, what happens then?
Appreciate the clear explanations. Open question, does anyone know how long it takes for the exemption to go into effect once the paperwork has been accepted by the state?
Expect 6 to 8 weeks after acceptance. There will be a portal to login to check on your status. But I recommend visiting the appraisal district website and requesting an update through their live chat.
Great video! You said it takes away from the assessed value of the home, so will the monthly mortgage be lower or have no property taxes to pay ?
Hey, this does not affect your monthly mortgage, that's separate. Using the VA loan you have to have an escrow account and this money is used to pay property taxes and homeowners insurance for the year. This exemption will lower your yearly payment of property taxes since you are not taxed on the full assessed value of your home.
Part of your monthly payment to your home loan goes to your escrow. So overall yes, your monthly payments will be lowered but it's only affecting the amount going to escrow. Your mortgage (principal and interest) will remain the same. Good question!
@@RaoulRowe thank you!
Yes complicated
Great explanation. Do disable veteran homeowner receives a tax exemption on annual home taxes? For instance, if I receive 4,000 dollars in taxes on my property this year, do I get an exemption for this money?
Thank you.
Hey, what do you mean about receiving $4,000 in Texas on your property? So depending on your disability rate if you are being charged $4,000 a year in property taxes it will be a certain amount deducted off that amount be taxable. Primarily what they look at is the overall assessed value of your home and deduct the amount on the disabled veteran property tax exemption chart based on your disability percentage.
Great instruction Raoul, I’m under contract (escrow) for the house I’m currently renting and the finance/mortgage (lender) company sent me a form to complete called “Homeowners Tax Liability Choice” I’m 100% disabled. This form feels like a warning that if I elect the 100% disabled option there may be some unexpected taxation or fee unexpected that I may have to pay at closing. What say ye?
Hmm your relationship with the county is separate from the lender. You can purchase your home as usual and file tax exemption after you close. They will prorate your benefits from day 1. I'm unfamiliar with that form. info@readyfrontrealestate.com send it over if you can. Thanks
Just found your channel great information... bought last year 1.5 acre land will get a house built on it quoted at $448,000 my question is what would the savings be at 100% exemption?? Thank you.
I'm glad you found the channel helpful! As for your 100%, see if the lender at closing can exempt your property taxes. Typically, you file for the exemption after closing. You savings will be $0 property taxes for life as long as that property is your home of record. Thanks!
Great video! One question, looking to relocate to Texas with 100% DV; I was wondering if I purchased 4+ acres and built multiple properties on the land would that still qualify for 100% tax exemption? Thank you!
The exemption predominantly apply to your home of record. Land can also be used as a tax exemption. But once you start adding units to that land each unit will be its own property. More than likely you can still have your tax exemption on the land but each subunit will be subjected to property taxes. I would definitely follow up with the appraisal district where you're looking to purchase the four acres for more clarification. Glad you found value in the video! Feel free to reach out if you have any more questions.
I live in Cali and want to move to tx..(Fort Worth or Houston). 100% rated marine helicopter crew chief retired . Does the tax exemption work right away or do I have to claim residency and be out here for 6 mo prior? Thank you for the help!
As soon as you close on your property the exemption kicks in. Just let your lender know you are 100% and would like to apply for the exemption at closing. Some lenders don't even factor taxes into your mortgage, so you never see them when done correctly. Hope this helps!
I'm 100% P&T. My Husband and I will be ready to purchase a home this summer. I'm really nervous about getting a realtor. I have a hard time trusting people. Do you know any realtors in the Dallas area that you could connect me with? Can you also explain the difference between a realtor and a broker?
Hey, I know a few in the Dallas area, feel free to send me an email here (info@readyfrontrealestate.com). And the primary difference between a real estate agent and a broker is that a broker can own a real estate firm or hire agents to work for us.
Raoul Rowe
My house is closing the end of February possibly beginning or March. I’m 20% disable. If I file for exemption this week does it go towards this year? Is there a deadline? Or will it go towards next year?
DV Exemption will start at filing date, so this year will be covered.
Howdy, I’m retired U.S. Army looking for rural community near Galveston. I grew up in and have lived in cities while in the U.S. army. Hawaii, the state I grew up in, has hurricane relief fund that increased premium. Is home insurance higher in the Galveston area? Will it be possible to share rural communities with no HOA? Thanks!
Hey, how's it going? Shoot me an email when you get a chance. I'm going to vet a few people in that area that I feel can assist you the best. Info@readyfrontrealestate.com
www.raoulrowe.com
I am looking at buying my first home in Texas. I am 100% DV. How do I go about getting this right off the bay? Or do I have to close on the home then go to the tax accessor?
Congrats! What part of Texas? As to the taxes, this will be on a lender by lender bases. Some will process everything prior to closing so you will never see taxes. Just need to be clear with them in what you are looking to do. Regardless, your approval amount will reflect, no property taxes being paid.
I’m in Florida and I close soon but my paperwork is still calculating $480 mo in property taxes and I’m supposed to pay 6 months at closing. Is this right? I’m 100% PT
Not familiar with the Florida rules but I have seen 100% veterans here in Texas pay taxes at closing. They're usually credited that money back after they apply for exemptions after closing.
@@RaoulRowe Thank you.
I am a New York resident. my wife and I wanted to relocate to Texas next year and buying property. can we still get tax exemption and other veteran benefit despite i did not join Navy from the Texas
Yes once you guys lock in a property, just have your award letter from the VA when applying for property tax exemption.
Are you able to get the 5k tax exemption even if I filed for homestead?
The exemption is based off your disability. It can also be combined with your homestead.
So if you have 40% all it does is take away $7,500 off your house? Let’s say the house is $300k so after tax exemption it’s $292,500?
Yep, pretty much have it works.
What if it’s a duplex and you are 100% disabled? Do you still get tax exemption on the whole property or just the half you live on?
You own the property. Both units will fall under on deed ID. Therefore, there are 0 property taxes on the entire duplex/multifamily. Let me know if that helps!
www.raoulrowe.com
Does it make a difference if you are 100% va rated as opposed to 100% totally and permanently disabled when it comes to being fully exempt from paying property taxes in Texas?
Nope! You should be good to go either way. The appraisal district just wants to see that you are actually award the 100% prior to processing the property tax exemptions. Even if you award is back dated the county will take that in consideration when calculating taxes paid during that time. Hope this help! Raoul Rowe www.readyfrontrealestate.com
Yes very helpful. Thank you!
@@RaoulRowe so u pay no property tax at all if your a 100% ???
@@aftech7268 that is correct!
@@RaoulRowe so you have to be 100% before you apply for texas tax exemption? Im at 80 now, can I purchase a home and if later on i get 100 will this full exemption apply to me as well?
Question, if you paid into your escrow for your property taxes and you then become 100% disabled do you get the money back that you put into escrow?
You can request to stop having your escrow deducted for property tax purposes. However, you will still need to pay into your escrow for homeowners insurance. Also, yes, you can ask for a lump sum of your escrow to be returned to you (except for enough to cover your homeowners insurance). If you made any payments while being 100% disabled, the county can actually provide you with a refund for that amount.
Thank you for your very informative info. Blessings to you, keep these much needed videos coming, as we all APPRECIATE your, knowledge and your time to educate us all.
@@splendid_is_she1614 You're very welcome! 🙏 I'm truly grateful for your kind words and support. It's comments like yours that inspire me to keep sharing valuable information. If you have any more questions or topics you'd like me to cover, please feel free to let me know. Wishing you many blessings and continued learning! 😊✨
so for that example, that would be every year that you would get that 12k off ? or just once
Every year this will apply. You will see it on your county records, assess value - with and without exemptions
@@RaoulRowe Thank you. Well I live near Austin and the price of my home has gone up ~150k so now my bill is several hundred dollars more. Which I believe it will go up next year to reflect on what its currently valued at. Which the 12k I would get taken from the value will not help much and I can already see this squeezing a lot of people.
@@r.m.cortez8178 this is correct, property taxes is going to cause alot of headaches in the near future. Be prepared to contest your assessment if you plan on staying in your home. The data the counties were using to get this new value is already outdated.
Does the full property tax exemption apply to raw land for 100% disabled veterans?
Yes it does!
@@RaoulRowe thank you for the reply. I called the local tax appraisal district to ask them if this was true and was told otherwise. Are you sure that this is the case? I’d like to buy land with the plan to build in the future but with property taxes being high I cannot afford to do so without having the exemption on the land
@@SilverbugInc ahh ok, homestead is the key for the exemption. If you had a home right now that was partially exempt due to a percentage of disability, and then got the 100% you can spread it out to both properties.. The exemption that you get first can be applied to the property that has the most property taxes. But definitely, the raw land has to be tied to a build that can potentially be your homestead for the county to recognize.
wait, School & Town aren't consider "RE Property" Tax that will be exempt for 100% vet?
Maybe this question can help. But would definitely check with your local appraisal district.
Q. I already have a disability homestead exemption on my home. What is the difference between that one and this one?
The existing disability homestead exemption has different requirements and benefits. For that exemption, you must meet the Social Security Administration’s definition of disabled, which is not necessarily the same as that used by the VA or your branch of the military. The benefits are also different. Only school districts are required to provide a disability homestead exemption, though many other taxing entities do. The 100% Disabled Veteran Homestead Exemption will apply to all taxing units and will exempt the total value of your home.
www.texvet.org/propertytax#:~:text=Tax%20Code%20Section%2011.131%20entitles,on%20the%20veteran's%20residence%20homestead.
@@RaoulRowe I see. it's optional weather they want to give discount or not for up to 20% of that assess. thank you
@@spyxxx566 yep! Very welcome
@@RaoulRowe thinking of relocatiing to TX. are you a broker for Land and Home?
@@spyxxx566 good stuff! And yes Broker for all over TX, physically in the Austin area. What part of Texas did you have in mind?
So it’s basically no discount at all
It's something but nothing compared to being tax-exempt at 100% disabled.
If a VA loan is zero down, why are they wanting me to come up with $7000 on a $250k home.
Most likely it is for closing cost. I would request a loan disclosure to see where exactly are these fees coming from.
Hope that helps!
@@RaoulRowe thank you.✌️
Shoot i need to move to texas screw missouri
Who do we contact to get the earned disability for a 33 year veteran. He was “homemade” a 20% disability when he retired. Now that he is older and Dementia, the government does want to honor his earned 100% dis ability. This is so unAmerican this man serv d 33 years of his life with the promise he would have health care life. This is totally negligent or UnAmerican. God help us. We are willing to. Send billions to foreign countries an not honor the obligation to our abets who got us here!!! Shame Shame makes me want to throw up. Karma is all Bitch!
Try going here - www.ebenefits.va.gov/ebenefits/homepage