DALLAS (CBSDFW.COM) – Hundreds of thousands of Texans whose homes were damaged from last month’s winter storms could be eligible for property tax relief.
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After Hurricane Harvey, Texas lawmakers made a provision to the tax code to allow for temporary property tax relief for homes that sustained substantial damage in a natural disaster.
For many Texas homeowners, the relief could add up to hundreds, even thousands, of dollars in tax savings.
To qualify for the tax exemption, the damage must be at least 15% of the home’s structure value. This includes damage to swimming pools.
For an average $250,000 home in North Texas, when you take out the value of the land, the structure value is usually close to $200,000. Damage of at least 15% would be $30,000 worth of damage. In this example, the homeowner could save roughly $660 on their taxes this year with the exemption.
For all properties that qualify, the county’s chief appraiser will assign a damage rating which will determine the percentage of the tax exemption.
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“Most tax savings start at $500 and it can go up from there into the thousands of dollars,” said Glenn Goodrich, founder of Propertytax.io.
Goodrich said a lot of people are likely unaware of this tax exemption and are at risk of missing out on a huge tax break if they don’t apply.
“It’s not automatically applied, you have to fill out the application,” Goodrich said.
To apply for the exemption:
1. Fill out the two page Form 50-312.
2. Document the damages with repair bills, photos, and statements of loss from insurance companies.MORE NEWS: 'We Have A Problem In Parker County,' Minority Students Allegedly 'Slave Traded' Online By Classmates
3. Submit the application to your county’s appraisal district. Some counties allow for applications to be emailed. Others require applications to be mailed. Check the county’s appraisal district website for details. Deadline to submit the application is May 28.