DALLAS (CBSDFW.COM) – Hundreds of thousands of Texans whose homes were damaged by last month’s winter storms could be eligible for property tax breaks.
Record low temperatures across the state resulted in burst pipes, which in some cases resulted in significant flooding and damage.
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In the wake of Hurricane Harvey, Texas lawmakers introduced a tax bill to allow temporary property tax relief for homes that suffered significant damage in a natural disaster.
For many Texas homeowners, the relief could translate into hundreds or even thousands of dollars in tax savings.
To qualify for the tax exemption, the damage must be at least 15% of the structural value of the home. This includes damage to swimming pools.
For a home with an average value of $ 250,000 in North Texas, the structural value is typically close to $ 200,000 when you factor out the value of the property. Damage of at least 15% would mean damage of $ 30,000. In this example, the exemption could save the homeowner around $ 660 in taxes this year.
For all qualifying properties, the district’s chief appraiser assigns a damage rating that determines the percentage of tax exemption.
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“Most tax savings start at $ 500 and can go up to thousands of dollars from there,” said Glenn Goodrich, Founder of propertytax.io.
According to Goodrich, many people are likely unaware of this tax exemption and are at risk of missing out on a huge tax break if they do not apply.
“It doesn’t apply automatically, you have to fill out the application,” Goodrich said.
How to apply for the exemption:
1. Complete the two-page form 50-312.
2. Document the damage with repair invoices, photos and damage declarations from insurance companies.
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3. Submit the application to your county’s assessment district. In some countries, applications can be sent by email. Others require applications to be sent. For more information, visit the county’s evaluation district website. The deadline for submitting applications is May 28th.