A Homestead Exemption can help people 65 and older with property taxes
VICTORIA, Texas— Owning a home is still the American dream for most people, but it can become difficult to keep up with property taxes. As people get older, the reality of living on a fixed income sets in.
“This is the first year I qualified for the 65 and older tax exemption. Plus, I talked to an appraiser and got my value lowered. So I was kind of expecting a smaller number but actually it went up $6,800 dollars which are about 5%,” said, David Tewes, Victoria resident.
Once homeowners turn 65 and older they can qualify for a Homestead Exemption to help lower their property taxes.
“In the last 10 years, the value of my house has gone up $41,000. The problem with that is that I spent approximately $35,000 getting the foundation repaired and when I bring that up to them they say, we build that into the formula,” said Tewes.
The appraisal value gives homeowners the estimated price they can expect to pay on their property taxes in January the following year.
“For the most part they keep chipping away at around the 7% range and for me, that’s not a big problem but if I had retired and was living on Social Security, I might have to choose between my medicine and paying my property taxes,” said Tewes.
If you’re having an issue with your appraised value you have until tomorrow, which is Friday, May 15th, to protest. You must file with your local Appraisal District. Click here to see if you qualify.