What is the Homestead?
A “homestead” is a house or other residential structure that you own and use for residential purposes, with up to 20 acres where the structure sits.
A manufactured home on a rented lot qualifies as long as you own the home. Manufactured homes must meet additional requirements for a "Statement of Ownership and Location," but if you did not receive the paperwork from the prior owner and cannot locate the seller after making a good faith effort, you can submit the affidavit in Form 114-A.
What is the Exemption?
The Homestead Exemption reduces the taxable value of your homestead. How much you save with the homestead exemption depends on the exemption amounts and tax levels adopted by your city, county and other local governments.
Section 11.13(n) gives taxing units the option to offer a homestead exemption of up to 20% of the appraised property value — but not less than $5,000. For example, a homestead valued at $300,000 with a 20% exemption ($60,000) means you pay property taxes as if your home were valued at $240,000.
The homestead exemption also protects a homeowner from their appraisal district assessed value going up more than 10% in one year (with the exception of additions made for major improvements such as the addition of a pool).
You are eligible for a homestead exemption if you