North Richland Hills homeowners will be getting some assistance to lessen the impact higher property appraisals will have on their city property tax bill this year. During their June 27, 2022 meeting, the City Council unanimously voted to increase the residential homestead exemption to 20%, which is the maximum allowed by state law. The Council’s action provides tax relief directly to North Richland Hills homeowners who have been hit hard by increased property appraisals.
What is a homestead exemption? It’s a discount applied to the appraised value of your home. Under the maximum 20% exemption, homeowners’ taxes to the city during the coming fiscal year will be based upon only 80% of their home’s appraised value. Previously the city’s homestead exemption was 15%. For a home appraised at $400,000, the increased exemption translates to a $114 savings year over year.
Not sure if you have a homestead exemption on your property? You can check your status with the Tarrant Appraisal District at https://www.tad.org/. If you already have a homestead exemption, no further action is required; the 20% exemption will be applied automatically.
To qualify for the homestead exemption you must have ownership interest in the home, it must be your principal residence, and you cannot claim an exemption on another residence in or outside of the state. The application form is available online at https://www.tad.org/.
Homeowners will also benefit this year from an increase in the homestead exemption for the school portion of their property tax bills. In May, Texas voters approved Texas Proposition 2 increasing the statewide homestead exemption for school district property taxes from $25,000 to $40,000.