New Homestead Exemption Update
These are crazy times we’re living in. I personally think this is a ploy to force more people to sell their homes — and more homes on the market means lower prices. It’s basic economics: the more supply, the less demand.
Everyone’s situation is unique, so it’s important to consult with a real estate professional and a financial advisor. If you own multiple homes, such as Airbnbs or rental properties in Texas, this could affect you. If your tenants have lived in the property long enough, they may be able to claim the homestead exemption — which could impact your property value and taxes.
It’s worth talking to your local county office to understand how this change could affect you and what options you have. Personally, I think homestead exemptions should be locked in at the purchase price, not at the current market value after a tenant moves in.
Here’s the link to the full details: