It’s going to be really welcoming news for new home buyers next year. New homeowners will have a way to lower their property’s taxable value and save on their property taxes next year.

Around 250,000 Texans who buy new homes each year that qualify for homestead exemptions will soon become immediately eligible to receive the property tax breaks, instead of having to wait until January of the next year, under a bill headed for Gov. Greg Abbott’s desk.

Senate Bill 8, which lawmakers expect to generate about $50 million in annual savings for new homeowners, passed the Texas House on Friday without any opposition, becoming the first measure to hit the governor’s desk since he called lawmakers back to Austin in July. It is set to take effect Jan. 1.

A new law effective January 1, 2022 will provide property tax relief by allowing homebuyers to file for homestead exemptions in the year when they purchase the property. Currently, new homeowners must wait until the following year to file for the exemption.

Hurray!! I have been asked my buyers every time why cannot I file for exemption same year and answer is finally here. Thanks to this bill and new home buyers would be delighted about it.

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