Do you live in Collin County, Texas, one of the fastest-growing counties in the United States? As the county expands, housing is getting more expensive, with the median cost of housing sitting close to half a million dollars. Property owners deserve to know all the ways to lower property tax liability.
One way is the homestead tax exemption, which is available to many. And at Ownwell, we’re here to help you understand how you can benefit from it.
Understanding the Collin County Homestead Tax Exemption
Texas has a homestead tax exemption that reduces the taxable value of primary residences. Lowering the value lowers the property taxes.
Who is Eligible for the Texas Homestead Exemption in Collin County?
The basic Texas homestead exemption is available to anyone who is a Texas resident, owns a property, and uses it as a primary residence. If you own a second home or rental property, the exemption from Collin County property taxes does not apply to those.
Since Collin County is in Texas, residents receive the state-wide general residence homestead exemption of $100,000 off the assessed value for your school district's property taxes.
Additional exemptions are available for special categories of Collin County residents.
Farm-to-market roads or flood control (if collected): $3,000
Age 65 or older or disabled: $10,000 from school district taxes
Age 65 or older or disabled: At least $3,000 from city, county, school district, or special district taxes
100% disabled veteran: 100% of property value
Disabled veteran with home donated by charitable organization: Amount decided by the percentage of service-connected disability
Surviving spouses of U.S. Armed Services member killed in action: 100% of the property value
Surviving spouse of first responder killed in line of duty: 100% of property's value
Important Deadlines for Collin County Residents
When you apply for the exemptions, the savings apply to the following year. So, if you submit an exemption application in 2024, your 2025 property taxes will be affected. However, in Texas, property tax exemptions can be applied retroactively for up to two years.
January 1: To qualify, your property must be your primary residence as of this date.
April 30: This is the last day to file your exemption application for the current tax year.
May 15: This is the deadline to file a property tax protest if you disagree with your property’s appraised value.
How to Apply for the Homestead Exemption
The application is much like any other process, including paperwork, time, and possible appeals. We’ve utilized our property tax consultants to bestow their knowledge to homeowners so that they can better understand the process.
Required Documents for the Collin County Homestead Exemption Online Application
For the general homestead exemption, the following are required:
A Texas ID card or Texas driver’s license to prove that you’re a resident and that the property you’re applying for is your primary residence.
If you use a PO Box on your ID, you'll need secondary proof, such as a utility bill.
A completed Texas Homestead Application Form, also known as Form 50-114. Note that Collin Central Appraisal District (CCAD) has its own specific 50-114 form.
Proof of ownership of property, which is usually done through a deed or property tax statement.
If you’re applying for more exemptions, you need additional documentation.
For disability or over-65 exemptions, you'll need:
Proof of disability from a doctor or qualified government agency, or a letter from the Social Security Administration.
Proof of age, like a state ID card, driver’s license, or birth certificate.
For veterans or surviving spouse exemptions, you'll need:
Proof of service, such as a military discharge form.
Documentation of disability in the form of a Veterans Affairs rating or a Texas Veteran’s disability rating letter.
Proof of your marriage and the death certificate of the veteran if you’re applying as a surviving spouse.
You can find these forms on the CCAD's form page.
Submitting Your Application: Online vs. Mail
You can submit your documents online, through the mail, or in person. The CCAD processes the applications and issues the exemptions.
Before submitting an application, check all your documentation. Ensure the information matches everything on your application to avoid any unnecessary delays.
At Ownwell, we have tax experts who can file retroactive exemption applications for you, which is a more arduous and timely process. You only pay us if you save money, and there are no upfront costs.
How to Check Your Collin County Homestead Exemption Status
If you file on your own, you can check the status of your application through the portal on the Collin Central Appraisal District website. You can email or call the organization if the information is unavailable there. Typical processing time is one to three months.
If Ownwell is handling your application, we'll keep you updated whenever there’s a change to your application!
What to Do if Your Application is Denied
The county appraisal district denies applications for many reasons. The most common are:
Late applications
Missing or incorrect documentation
Insufficient proof of ownership or residency
Not owning the property by January 1st.
You can appeal a denied application through the Appraisal Review Board, or the process may be as simple as correcting paperwork.
If your application is denied, consider turning to Ownwell; we'll handle the entire appeal process for you.
Interaction with Other Exemptions, such as the Agricultural Exemption
If your property is your primary residence and is also used for agricultural purposes, it’s possible to receive both exemptions. The distinction is that the homestead exemption in Collin County applies to the residence, while the agricultural exemption applies to the land.
FAQs
How does the homestead exemption affect my property value?
The homestead exemption reduces your appraised value without lowering the home's property value. Your property taxes are assessed on the home’s worth. If your home is worth $475,000, but the homestead exemption gives you a $100,000 exemption, property taxes are only assessed on $375,000. This lowers your home's property tax liability.
Can the exemption be transferred to a new home?
A homestead exemption can be transferred to a new home, but you must file a new application. The new home must be your primary residence as of January 1st of the year you’re applying for, and you must meet the same requirements with the new residence. If you still own the old home, but it’s no longer your primary residence, the exemption is dropped once you have a new address.
Are there any penalties for missing the application deadline?
There is no penalty or fee for missing the application deadline, but there’s a good chance you won’t get the exemption for the following year if you’re late.
Finding Help for Your Homestead Exemption in Collin County
At Ownwell, we’re passionate about helping homeowners maximize their tax savings.
We understand that the process is often intimidating and overwhelming. Our software, combined with the help of our property tax consultants, ensures you get the best bang for your buck.
Simply enter your address to see how much money you can save on unclaimed exemptions!
