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Houston has had 29 months of positive home sales and supply is not meeting the demand, leaving many Houston area residents very frustrated. Learn about the latest Houston real estate market news, why buying a house before December 31st can save you money and exciting events for November. Have a wonderful November and Happy Thanksgiving! Leslie Lerner Properties is always thankful for your support and referrals.
SEPTEMBER WAS THE 28TH CONSECUTIVE MONTH OF POSITIVE HOME SALES
September was the 28th consecutive month of positive home sales, and there still is no let-up in sight. The pace of home buying drove months of inventory down to 3.2 months compared to 4.7 months at this time last year. September brought gains to all housing segments except the under-$80,000 market. Homes selling from $250,000 through the millions scored the greatest increase in sales volume.
According to the latest monthly report prepared by the Houston Association of REALTORS® (HAR):
>>Read the full press release.
BUYING A HOME BEFORE DECEMBER 31st CAN LOWER YOUR TAX BILL
The property tax is the primary source of local government revenue in Texas and provides funding for the services provided by counties, cities, school districts, and a variety of special entities such as community colleges, port authorities, hospital and flood control districts, and municipal utility districts. While the total combined state and local tax burden in Texas is among the lowest in the nation, the portion of the tax burden endured by property taxpayers in Texas is relatively high.
Under Texas law, all real property (land, buildings, etc.) and tangible personal property used for the production of income (business inventories, equipment, etc.) is taxable at its January 1st market value unless exempt by law, or unless subject to special appraisal provisions.
An exemption removes part of the value of your property from taxation and thus lowers your tax bill. For example, if your home is valued at $100,000 and you qualify for a $20,000 exemption, you pay taxes on your home as if it was worth only $80,000.
To qualify for a general homestead exemption, you must own your home on January 1st and not possess another principal residence. That means the home you are living in now (if receiving a homestead exemption) and the home you are purchasing must be closed and funded by December 31st to apply for a homestead exemption on the new residence. If you have more than one house, you can receive exemptions only for your main or principal residence. You must live in this home on January 1st. A person may not receive a homestead exemption for more than one residence homestead in the same year.
What Kinds of Homestead Exemptions Are available?
School taxes — If you qualify for the homestead exemption, you will receive at least a $15,000 homestead exemption on the value of your home for school district taxes.
County taxes — Many counties provide a 20% optional homestead exemption to all homeowners. For example, if your home is valued at $100,000, the exemption will reduce its taxable value for county taxes by $20,000 to $80,000.
Optional exemptions — Any taxing unit, including a school district, city, county or special district, may offer an exemption for up to 20% of your home’s value. The amount of an optional exemption can’t be less than $5,000, no matter what the percentage is. For example, if your home is valued at $20,000 and your city offers a 20% optional exemption, your exemption is $5,000, even though 20% of $20,000 is just $4,000. The governing body of each taxing unit decides whether it will offer the exemption and at what percentage. This percentage exemption is added to any other homestead exemption for which the applicant qualifies.
Applying for an Exemption
The homestead exemption application must be filed between January 1st and April 30th. An exemption form can be found on your county appraisal district’s website. Early applications are not accepted.
Homestead Cap
An additional benefit of the general homestead exemption, especially in an appreciating housing market, is the homestead cap, or limitation on increases in appraised value. The cap applies to your homestead beginning in the second year you have a homestead exemption. The cap law provides that if you qualify, the value on which your taxes will be calculated (called your appraised value) cannot exceed the lesser of:
• This year’s market value; or
• Last year’s appraised value, plus 10% plus the value added by any new improvements made during the preceding year.
If homes are appreciating at more than 10% per year, the cap can provide substantial tax savings.
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All of the service, for less money!
LESLIE LERNER PROPERTIES WILL:
**BROWSE OUR CURRENT LISTINGS**
FUN THINGS TO DO IN NOVEMBER
Houston Dynamo
Houston Texans
1 – Feast with the Beast
2 – Wonderland Mkt @ Cinco Ranch HS
2 – Buzzfest
2 – Imagine Kids Children’s Fest
2 – Selena Gomez
3 – Ferrari Festival
6 – 10 – Disney on Ice
6 – 10 – Cinema Arts Festival
7 – Sugar Creek Holiday Boutique
7 – 9 – Sugar Plum Market
7 – 10 – Nutcracker Market
8 – Katy Wine Fest
9 – 12th Rockets Run
9 – Boardwalk Sip & Stroll
9 – Harry Connick
9 – 10 – Children’s Festival
12 – Josh Groban
12 – 15 – Fashion Houston
12 – 17 – Chicago
14 – Rihanna
15 – 17 – Junior League Holiday Market
15 – 17 – Home for the Holidays Gift Mkt
15 – 26 – A Christmas Carol
16 – Memorial City Lights
16 – Katy Citywide Garage Sale
16 – 1/4 – Moody Gardens Festival of Lights
22 – Zoo Lights
22 – 23 – Cypress Creek Christmas Mkt
22 – 2/2 – Ice at Discovery Green
23 – CyFair Sugar Plum Market
28 – Turkey Trot
28 – Uptown Holiday Lighting
29 – 30 – Moody Gardens Gift Market
29 – 12/29 – The Nutcracker
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