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*A homestead is exempt from forced sale by creditors other than those listed above. The value of the homestead is unlimited, but the acreage is limited to 10 acres within the limits of a city or 100 acres outside the limits of a city (a family can increase the latter to 200 acres).
*A homestead is exempt from forced sale by creditors other than those listed above. The value of the homestead is unlimited, but the acreage is limited to 10 acres within the limits of a city or 100 acres outside the limits of a city (a family can increase the latter to 200 acres).
*A homestead cannot have its appraised value increase annually more than 10% of the prior year's value, plus the value of any improvements made during the year. However, this does not apply in the first year, as the appraisal is allowed to be increased to fair market value upon sale of a home.
*A homestead cannot have its appraised value increase annually more than 10% of the prior year's value, plus the value of any improvements made during the year. However, this does not apply in the first year, as the appraisal is allowed to be increased to fair market value upon sale of a home.
*The appraised value is subject to numerous exemptions, key ones include 1) a $40,000 exemption for school property tax purposes, 2) a $5,000 exemption for county property tax purposes, 3) an additional $10,000 exemption for school property tax purposes if one owner is 65 or older, and 4) a 100% exemption for a disabled veteran.
*The appraised value is subject to numerous exemptions (Texas Tax Code, Sections 11.13 and 11.131), key ones include: 1) a $140,000 exemption for school property tax purposes, 2) an additional $60,000 exemption for school property tax purposes if one owner is 65 or older, 3) a $3,000 exemption for county property tax purposes (in some cases, the exemption can be raised to $5,000), and 4) a 100% exemption for a disabled veteran (or the surviving spouse, if s/he lived in the residence at the time of the veteran's death and has not remarried; this exemption can be transferred to a new home in the amount of the exemption from the prior one).
[[Category:Legal Terms]]
[[Category:Legal Terms]]
[[Category:Real Estate]]
[[Category:Real Estate]]