Question about homestead exemptions. If you apply for an exemption by the April 30 deadline, will it change the 2022 property tax amount you pay for this year? I know the exemption caps the amount of increase in the tax you pay while not changing the overall value of the appraisal.
For example, my son owns two properties in Travis county. He has a homestead on his “primary” residence, but really spends most of his time between properties because he travels a lot. So he does Airbnb for both.
He kept the homestead exemption on the property that was more valuable and had the potential to increase higher, but when the 2022 values came out, the property with the homestead increased by just 25% while his other property without the homestead skyrocketed over 89% and is now much more valuable.
We did the math, and even if the cap was removed from the first property, there would still be significant savings due to the cap being placed on the other property with a homestead exemption.
Is it too late to change the homestead on which house he’s claiming as the primary residence?