Property Tax Lock-In for Senior Citizens in Texas

You may be able to save thousands of dollars each year on your property taxes if you are 65 or older and qualify for a homestead exemption. The savings come through a lock-in provision many states offer seniors on school taxes on their home. The lock-in can vary according to the growth of the school districts and their need for money, but it can be a considerable savings for seniors whose children have already completed the local schools.

Application for the Over-65 Lock-in is made directly to the local tax appraisal office. In Texas seniors get a $10,000 of the property’s assessed value exemption (discount) from the school taxes and $3,000 is exempt from other local taxes. This is in addition to the regular $15,000 homestead exemption. Whenever the property is improved (and the tax value goes up) the tax ceiling is adjusted for the new additions. However, regular repairs and maintenance are not counted.

The tax lock-in is available when the taxpayer turns 65 and may be retroactive to that age. For instance, if you are now 67 and have owned the property for more than two years, you may be able to get a refund on school taxes for the past two years.

To find out how much your tax discount is and how much your refund may be call your tax appraisal office, give them your address and ask for the Senior Property Tax Lock-in discount. While the discount is available it is not automatic. It must be requested by the 65 or older property owner.