In 2017, Australian millionaire Tim Gurner famously attempted to blame millennial homebuyer obstacles on their inability to avoid frivolous spending on $19 avocado toast, in comments that were widely mocked throughout the internet. Many commentators are still quick to point the finger at extravagant spending to explain why homeownership among younger adults has declined compared …
You have submitted a mortgage application, found your dream home, and put in an offer. Now what? Applying for a home loan is an ongoing process, from application to closing, that does not have to be stressful. There are several things you can do to make the process more efficient, and things not to do …
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Building a new home offers many advantages over purchasing an existing home on the market. You are able to customize the home to your specific needs and preferences and avoid costly repairs of outdated features. New homes are often also more energy efficient and technologically equipped. Different from Traditional mortgages. Securing financing for a construction …
Benchmark has launched a new mortgage product that is customized to the unique career and financial outlook of professionals in the medical field. Last year, we launched the Medical Doctor Loan Program to better serve medical residents and doctors. Now we have further expanded our options for medical professionals to include jumbo loan amounts up …
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The weather is heating up, and so is the summer housing market. With more buyers entering the market looking to find a new home during the summer months, competition can be fierce. Every homebuyer’s nightmare is finding their dream home, only to lose it in a multiple-offer scenario that drives the asking price up beyond …
DALLAS, TX—The month of April means the first full month of Spring, wildflowers, and the arrival of what former Governor Rick Perry described as “the most patriotic day in Texas:” Boot’n & Shoot’n. Boot’n & Shoot’n is an annual event to raise money for US military veterans who risked it all. For the second year …
The post Boot’n & Shoot’n 2018 Raises $1Million for Veterans appeared first on Benchmark.
The deadline to file your 2017 tax returns is approaching on April 17th. If you have not filed your taxes yet, you can take this opportunity to talk to your tax professional about how homeownership may impact your tax return this year. Here are a few reasons why you may want to. Mortgage Interest may …
Looking at homes without knowing how much you can afford can be a waste of time for you and your realtor. “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” unknown The same wise sentiment can apply to purchasing a home – why start house …
The post Pre-Qualification vs. Pre-Approval: What’s the difference? appeared first on Benchmark.
Property tax in Texas is a locally accessed and locally administered tax. Texas does not have a state tax. Property tax brings in the most money to local government to pay for schools, emergency response services, roads, parks, libraries, etc.
What Is A Homestead Exemption?
The Texas property tax code provides an exemption for owner occupied properties. This exemption removes a portion of value from taxation which in turn gives the property owner a lower taxable amount. The exemption also restricts how much the assessed value may increase year over year.
Who May File?
You must have owned and occupied your homestead as of January 1st in the year for which you are applying. You only have to file the exemption once. It will apply every year going forward until you notify the county you’ve moved from that property.
You may not claim any other property as your homestead. If you owned a home that was sold or rented out and moved into the new qualifying homestead, you must notify the county of that old property to remove that exemption before the new exemption can be applied.
How Do You File A Homestead Exemption Form?
Check with your county first. Most have a form that you can complete and submit online. For others, you may have to download, print out, complete and mail in the form.
It is free to file the form. Be aware that there are companies out there that can do it for you but will charge you to do so.
You must submit the homestead form between January 1st and April 30th of the year for which you want an exemption.
Some counties may require a copy of your Texas driver’s license or ID card that shows the property address for which you are filing the homestead exemption.
Here Are Other Exemptions You May Qualify For
- Age 65 or older
- Disable Person
Check with your county to see if any of these other exemptions apply to you.
Ark-La-Tex Financial Services, LLC NMLS ID #2143 (www.nmlsconsumeraccess.org) is not a law firm, accounting firm, tax firm, or financial planning firm. This advertisement is for general information purposes only. Anyone relying on particular details contained herein does so at his or her own risk and should independently use and verify their applicability to a given situation. (https://benchmark.us)
The Mortgage Bankers Association forecast for 2018 reflects continued growth in new home sales (housing starts), and a slight increase in existing home sales. The report also reflects a continued, albeit slight, increase in 30 year fixed interest rates...