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Beginning to see the uptick of buyers coming back into the market.

US Pending Home Sales Rise for First Time in Three Months A gauge of pending US existing-home sales rose in June for the first time in three months, as buyers looking to relocate or upgrade their houses braved elevated prices and borrowing costs.

The latest changes to the Texas homestead laws that took effect in 2024.

Increased Exemption: The homestead exemption has seen a significant increase. Previously, homeowners could subtract only $40,000 from their home’s value for school tax rates. Now, this exemption has jumped to a whopping $100,000! This means the first $100,000 of your home's assessed value is exempt from school district taxation.

Benefits for Over 65 or Disabled: If you're over 65 or disabled, there's extra good news. Your school taxes are capped, and with the new amendment, your tax bills can decrease as school tax rates go down.

How it Affects You: To put it in perspective, if your home is valued at $350,000, you used to pay taxes on $310,000 with the old exemption. With the new change, you'll only be taxed on $250,000 of that value – a significant saving!

Eligibility: Remember, you must own and occupy your home as your principal residence to qualify, and it's applicable only to individual homeowners.

Application Deadline: Don't forget, the deadline for applying for these exemptions is April 30th of the tax year you're applying for. Once granted, you generally don't need to reapply unless requested by the appraiser.

There is a lot to understand and digest, especially for homeowners unfamiliar with Homestead Exemption tax laws. Visit your county tax appraiser website for more information. MagnMagnolia Texas Real EstateXRATXRealEstate