Property Tax Exemptions for Homeowners

A homestead exemption helps you save on taxes on your home. An exemption removes part of the value of your property from taxation and lowers your taxes. 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.

An Application for Residential Homestead Exemption (same form for over-65, disability, over-55 surviving spouse, or 100% disabled veteran homestead exemptions) can be found at the Forms Page under the Residential Exemption Section (11-13). Click Here

What Kinds of Homestead Exemptions Are Available?

School taxes — all homeowners. If you qualify for the homestead exemption, you will receive at least a $25,000 homestead exemption on the value of your home for school district taxes.
County taxes — all homeowners. Harris County currently provides a 20% optional homestead exemption to all homeowners. This means, for example, that if your home is valued at $100,000, the exemption will reduce its taxable value for Harris County taxes by $20,000 to $80,000.
Optional exemptions — all homeowners. 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.

Application Deadlines

You should file your regular residential homestead exemption application between January 1 and April 30. Early applications will not be accepted. If your application is postmarked by April 30, this will allow the district time to process it before your tax statement comes out in the fall. If you miss the April 30th deadline you can still apply:

For a general exemption: up to one year after the date taxes became delinquent for the year (usually February 1 of the year following the tax year).

For an over-65 or disabled person: if you turn 65, become totally disabled, or acquire a property during the year, you can apply and have the over-65 or disability exemption activated for that year. The deadline to apply for an over-65 or disabled person’s exemption for the year in which you qualify is the first anniversary of the date you qualify. In other words, you have one year from the date you qualify to apply. For example:

If you are already qualified and you purchase a different home, you have one year from the date you occupy the new home to apply.
If you turn 65 during the year, you have until your 66th birthday to apply for the year in which you turn 65.
If you become disabled during the year, you have one year from the date you became disabled to apply.

Otherwise, the deadline for applying for the over-65 or disability exemption is the same as the deadline given above.

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. For more information, click here.

Over-65 Homeowners

A person who is 65 or older may receive additional exemptions. You are eligible for these exemptions as soon as you turn 65; you don’t need to be 65 as of the first of the year to apply. School districts automatically grant an additional $10,000 exemption for qualified persons who are 65 or older. An additional advantage of the over-65 exemption is the school tax ceiling. Once you qualify, your school taxes will not increase unless you make improvements to the home. Cities, the county, and other taxing units may, but are not required to, offer over-65 homestead exemptions of at least $3,000 and sometimes much more. Call the Harris County Appraisal District at the numbers listed on the contact page to determine what taxing units in which your home is located offer an over-65 homestead exemption. You can also find this information on our website by going to the page for your account and clicking the blue word “Jurisdictions” in the heading of the table of jurisdictions. We also can send you a pamphlet on disability exemptions.

Homeowners with Disabilities

A person with a disability also may get exemptions. “Disabled” means either (1) you can’t engage in gainful work because of physical or mental disability or (2) you are 55 years old and blind and can’t engage in your previous work because of your blindness. If you receive disability benefits under the federal Old Age, Survivors and Disability Insurance Program administered by the Social Security Administration, you will qualify.

Disability benefits from any other program, including a disabled veterans’ pension, do not automatically qualify you for this exemption. You may need information on disability ratings from the civil service, retirement programs or from insurance documents, military records or a doctor’s statement. Also read information about the disabled veterans’ exemption.

If you qualify as a disabled person, you can receive a $10,000 exemption for school taxes, in addition to the $25,000 exemption for all homeowners. And, any taxing unit can offer an exemption of at least $3,000 from the home value of disabled homeowners. Disabled homeowners also qualify for a school tax ceiling, the same as for those who are over-65.

Call the Harris County Appraisal District’s Telephone Information Center at the numbers listed on the contact page to determine what taxing units in which your home is located offer a disability homestead exemption. We also can send you a pamphlet on disability exemptions. Discussion on Disability Exemptions.

100% Disabled Veteran’s Homestead Exemption

You can qualify for this exemption on your homestead if you have a disability rating of 100% or individual unemployability from the Veterans’ Administration and you receive 100% disability payments from the VA. Your disability must be service connected. If you qualify, 100% of the value of your residence homestead will be exempted.

Selling or Buying a Home with an Existing Homestead Exemption

When you sell or buy a home, the taxes for the year will generally be prorated at the closing. This doesn’t actually change your tax liability; the tax assessor will calculate that later in the year. The proration at closing will be based on estimated taxes due. You should be aware of the rules regarding homestead exemptions so that you are prepared if your actual tax liability turns out to be different.

If you buy or sell a home that has only a general homestead exemption on it, the exemption normally stays in place for that entire tax year. The final taxes for the year will reflect the exemption. However, the new owner will have to qualify for the exemption by filing an application in his or her own name for the following year. There is one exception. You should be aware that in January of each year, HCAD sends a postcard to each person who has a homestead exemption to confirm that they are still occupying the property. If the card is returned undeliverable, the homestead exemption will be removed and it will be necessary to file a new application to reinstate it. If the home you buy has had a cap in place for several years, be aware that the value of the home, and the taxes, may increase substantially in the year following the year you purchase it. This is because your cap won’t take effect until the second year after you purchase the home.

If you buy or sell a home that has an existing over-65 or disability exemption, the rules are different. Whether the over-65 or disability exemption stays in place depends on whether the person who qualified for that exemption transfers it to a different homestead during the same year.

If the over-65 or disabled person does not establish a homestead exemption on a different homestead, the exemption stays in place for the entire year.
If the over-65 or disabled person does establish a homestead exemption on a different homestead, then when the tax assessor calculates taxes on the sold home for the year, the assessor will prorate the taxes to reflect the over-65 exemption or disability for only the portion of the year that the over-65 or disabled person owned it. In short, if the seller is over-65 or disabled and establishes an exemption on a different home, taxes for the year will be higher than they would if the seller does not establish another homestead exemption.
If both the buyer and the seller are over-65 or disabled, the buyer can avoid the proration problem by applying for the over-65 or disability homestead exemption in his/her own right.

In the first quarter of each year, the Harris County Appraisal District develops a list of all properties with a prior year homestead exemption which, during that same year, were sold to a new owner. Then, as required by law, the district cancels the old exemption as of January 1 of the new year and mails the new owner an exemption application form. However, you should act to protect your rights by ensuring that we have transferred ownership on the new home and that you have timely filed the homestead exemption application.

Content by hcad.org

Updates for Resell Value: 4 Magic Improvements for the Market

Boosting the resale value of your residential property can be an amazing thing. It can be great to possibly turn a profit after you sell your home. If you want to better your structure and perhaps even enhance its value and curb appeal while you’re at it, these tips can do a lot. You should strive to make your home as appealing and undeniable as possible to prospective buyers.

Revamp Your Kitchen

Kitchen renovation work can instantly make your home a lot more attractive to possible purchasers. If you have cabinets that look dull and lackluster, you can consider resurfacing or replacing them. If you have kitchen floors that are full of awful scrapes and cracks, then you can consider replacement, too. It can even be nice to invest in kitchen island installation.

Overhaul Your Bathrooms

Bathrooms that look old-fashioned are hardly appealing to people who are shopping around for homes. It can be a downer to notice a faucet that looks like it was installed years ago. It can be a downer to notice a shower door that’s murky and drab in appearance as well. You can make your home unstoppable by overhauling your bathroom in its entirety. If you have numerous bathrooms, you can think about overhauling all of them. A bathroom construction cost estimator can help you figure out how much everything will cost. Bathroom work can be a game changer.

Install a New Front Door

Your front door is naturally one of the first things people notice any time they walk into your home. That’s exactly why you should make sure that yours is as polished and lovely as possible. If you have an old entry door, it may be an eyesore. It may even let unpleasant drafts into your homes in times of chilly temperatures. Exploring options in front door styles and colors can be exciting. Installing a new front door can breathe energy into your structure and its design.

Install Fresh New Flooring

Switching out your kitchen floors can make your food preparation space a lot more welcoming. If you’re doing that, you should think about switching out your home floors in general. There are all sorts of incredible flooring materials that can make your home look like a million dollars. Hardwood floors are enduring, stunning, and simple to keep fresh.

Enhancing your residential property can make it a lot more inviting to people who are shopping around for homes. If you want to turn your home into something that’s unstoppable in the real estate scene, then these enhancements can do the trick. Don’t be too lazy to try them.

How a REALTOR can help

Before doing any updates, call a REALTOR you can trust to let you know how much value updates can add to your property. The Craig Carver Group is always happy to help. Give us a call today, 281-482-9444.

Content by Amber Miessner & Rachelle Wilber

Cocktails, Crawfish, & Credit Happy Hour

Thursday, May 9th @ 5:30 pm

Crazy Alan’s Swamp Shack BAYBROOK

Are you a first time home buyer? Divorced and starting over? Need advice on getting a mortgage? Need help with credit repair?
Join us for Cocktails, Crawfish & Credit Happy Hour! This will be a fun and casual introduction to information to help you purchase a home.

FREE APPETIZERS, DOOR PRIZES & CRAWFISH SPECIALS!!!

Thanks to our co-sponsors: Mark McVey Lending Team, Excel Title Friendswood, 700 Credit Repair Houston

For all your Real Estate needs, Call the Craig Carver Group RE/MAX 281-482-9444 or visit CraigCarverGroup.com

7 Steps to Selling Loved One’s House After a Death

Dealing with the house after a loved one dies can be an emotionally tough task, from clearing out the contents to prepping the premises for sale. Remember these seven steps when emptying a house and getting it ready to put on the market.

Change the Locks

First step in cleaning house: Secure the premises. You have no idea how many people may have keys to the house—friends, cleaners, delivery people, house sitters. Rather than try to collect them all, simply change the locks. You’ll sleep better at night.

Forward the Mail

Nothing screams “empty house”—an open invitation to thieves like piled-up mail and newspapers. Have the mail forwarded to your home or office by filling out a change of address form with the USPS. The post office will forward Priority, Express, and first-class mail and packages for 12 months and publications for two months, but you can annually update the new address for a few years to keep the forwarding from expiring.

Don’t forget email: Assuming you can get into the deceased’s account, you can set an automatic away message, requesting that messages be sent to your email address.

Receiving the mail will help you figure out who creditors are, too, and whether payments were current, as well as seeing if you need to cancel any subscriptions.

Search for Financial and Legal Papers

Look for financial documents and even money in every nook and cranny. Sometimes people stash cash in the strangest places: taped to the bottom of drawers, inside crawl spaces, and yes, under the proverbial mattress.

You might find significant documents in drawers, file cabinets, and boxes under the bed, or saved as files on the computer. Here’s what to do when you find them:

Homeowner’s insurance policy. Keep the homeowner’s policy effective until the day the home closes. Increase coverage if it is too low.
Will. Look for updated versions. Remember, you can only file for probate with an original “wet signature” will (not a copy).
Life insurance policy. This could be a private policy or purchased through an employer.
Bank and brokerage account statements. Carefully read the statements, as many banks report all accounts on one statement.
Bill receipts. Contact creditors. Consider notifying all three credit reporting agencies to freeze new charges or requests for credit.
Stocks and bonds. Certificates might be tucked into folders.

Remember to shred all sensitive documents, especially those containing a Social Security number.

Keep Paying the Bills

While you’ll want to stop some services, others need to be continued. As mentioned above, keep on paying the homeowner’s insurance premiums. Keep the utilities turned on, and notify services such as gardeners or maintenance companies where to send invoices. Contrary to popular belief, mortgage lenders still need to be paid as well. If the seller has a reverse mortgage, notify the mortgage company immediately and ask for time to settle the estate before they attempt to foreclose on the house.

Sort Personal Belongings

This aspect of cleaning out the house may be the most emotional. It hastens the process if you sort belongings into three piles or tag them with color-coded stickers of three different colors:

Items to keep
Items to donate or sell
Items to throw away

If family members squabble about distribution, set aside the disputed items until all the sorting is finished and emotions have settled. Then try taking turns by each choosing an item or memento. Consider trading several items for a treasure you truly desire. Sentiment aside, get real valuables—art, antiques, jewelry—appraised to determine their actual value.

Prepare the House for Sale

Clearing out a loved one’s house of its personal effects and belongings is the first step toward getting it ready for sale. Next, you have to get it in market-ready condition. Follow this checklist:

Furniture. If the furniture is old or worn, get rid of it. Don’t leave it in the house because it will detract from the sale.
Wall hangings. Remove them.
Floor covering. Consider its condition. If there is carpeting over wood floors, strip it and, if necessary, refinish the floors. Replace cracked ceramic tiles. Clean carpet over plywood or buy new carpeting.
Window coverings. If the window coverings are dated, throw them out. Most windows look better without heavy drapes or worn blinds.
Walls. Some people paint once and never again. You may need to patch and repaint the walls.
Ceilings. Replace dated light fixtures; patch cracks in the ceiling and paint
Remove all pet-related items. Take the outdoor dog house with you and donate it to a shelter. Selling with signs of pets in the home is a turnoff for many buyers.
Clean from top to bottom. Wash windows, dust ceiling fan blades, and wipe down the insides of cabinets.

Also, be aware that if the home owner died in the house, you may be required to disclose this fact to a prospective buyer. Ask a real estate agent about seller disclosures and whether a death in the home is considered a material fact.

Preparing a home for sale is always time-intensive, and when it was a loved one’s home, emotions are involved as well. But if done correctly, it will be to your benefit in terms of higher offers for the property.

Call a Realtor

Craig Carver and his team are experts on selling properties during a difficult time and can help make the process smooth and undemanding. From providing a property value evaluation, home staging report and providing resources such as local estate sale experts, yard and maintenance crew to help you sell your loved ones property quickly and for top dollar.

By Elizabeth Weintraub and additions by Amber Miessner

Emotion vs. Reason in Real Estate

Reason in Real Estate

If you are selling a home, real estate agents will usually refer to it as a “house or property.” If you are buying a house, agents will often refer to it as a “home.” Why?

Because when you are buying a home, it is more than just a purchase. It is where you go home after a hard day on the job. It is where you lovingly watch your kids grow. It is where you watch the Super Bowl, barbecue in the back yard with your neighbors or have a birthday party. Do you remember your childhood home? Think of all the memories.

You aren’t buying a space to eat and sleep. You’re moving into your private safe haven. A place you can call home for years.

Someday, you will sell that house, and when you do – it becomes someone else’s home. If you’re still thinking of it as your home, selling is more difficult.

How do you let go?

It is very difficult, but necessary. To sell your home effectively, you need to make rational decisions. You need to let go of all the little touches you’ve added to the property and not be connected emotionally. Most home improvements don’t add as much value as you might think — they might not have as much appeal to a potential buyer as they do to you.

The buyer is looking at your house and imagining it as his or her home. You need to help them! So take your photos off the wall. Remove the sports trophies from the fireplace mantle. Clean the junk out of those drawers in the kitchen. Remove whatever you may have accumulated in your garage or attic. If you want to keep it, put it in storage and pick it up when you move.

Sell a house. Help someone else find a home because YOU may be looking at a HOUSE to call HOME. So remember if you are buying or selling, there are TWO sides and keep emotions and logic in check.

To help you with all your needs, The Craig Carver Group understands all aspects of buying and selling.

Call 281-482-9444 .

Friendswood Community Blood Drive

Gulf Coast Regional Blood Center supplies the majority of local hospitals in the Houston metro area. Fall is tough for the community’s blood supply, because donor turnout can be low due to school activities and holidays. Blood products are used daily in hospitals to support patients who are in trauma, actively bleeding, undergoing surgeries, cancer treatment, and a variety of other medical reasons.

About 1,000 donations of blood are needed every day to meet the community’s needs. In less than an hour, a donor may save 3 lives!

Since blood is transfused anytime — 24 hours a day, 7 days a week, 365 days a year, Gulf Coast Regional Blood Center has set up a Friendswood Community Blood Drive at the Craig Carver Group located at 3800. East FM 528, Friendswood, TX 77546 on October 17, 2018 from 1:30-5pm. Their goal is to collect as much blood as possible to boost the community’s blood supply to support the patients in our hospitals who depend on blood transfusions to heal.

October is also Breast Cancer Awareness. Please come out and learn more about the cause and ways to support local Breast Cancer Thrivers and Survivors.

For more information, call 281-482-9444 or register at GiveBlood.org, Click Digital Donor, Code L528.

What to Expect From a Home Inspection

A home inspection is a lot like a test-driving a new car, only better. Instead of just punching the accelerator and a few dash buttons to see what they do, during a home inspection you’ll have a knowledgeable professional along with you, pointing out details and potential problems you might not notice otherwise.

A thorough home inspection when you’re buying a house can save you thousands of dollars in unexpected repairs — or from unwittingly buying a money pit.

What a home inspector does

A home inspector will take two to three hours or more completing a detailed walk-through of the home you’re looking to buy. It’s a top-to-bottom review of the physical structure, as well as its mechanical and electrical systems — including roof, ceilings, walls, floors, windows and doors. The inspector will check that major appliances are functional, scrutinize the heating and air-conditioning system, examine the plumbing and electrical systems and crawl up into the attic and down into the basement.

All the while, the inspector will be taking notes and pictures and, if you’re tagging along, commenting on what he sees. Most importantly, the inspector will provide an objective opinion on the home’s condition, detached from the emotional roller coaster you’ve been on during the entire homebuying process.

What a home inspector doesn’t do

A home inspection is a general checkup, not an X-ray exam. Although inspectors should have a keen eye for detail, they won’t be able to detect the unseen. That means hidden pests, asbestos, and mold or other potentially hazardous substances might go unnoticed. Those sort of issues can require specialized evaluations, perhaps even a geologist or structural engineer.

An inspector might have a thought or two on child safety issues found in the home, but again, that depends on the inspector’s experience and competencies. And a home inspector doesn’t necessarily determine whether your home is compliant with local building codes.

The goal of the inspection is to uncover issues with the home itself. Inspectors won’t tell you if you’re getting a good deal on the home or offer an opinion on the sale price.

An inspection is not a pass/fail exam. But you’ll learn much about your potential new home and gain confidence in the decision to move into your new address — or find out enough to pass on the purchase.

The home inspection report

A good home inspection report is extensive, containing checklists, summaries, photographs and notes. It will estimate the remaining useful life of major systems and equipment, as well as that of the roof, structure, paint and finishes. The critical information you will gain will include recommended repairs and replacements, too.

Ask any potential inspector for samples of prior reports and note whether they’re simply completed checklists or extensive reviews. That way you’ll know whether you’re paying for a stapled 10-page report or for a three-ring binder of detailed information. Home inspections can cost $300 to $500 or more, so you want to be sure you’re getting what you pay for.

How to find a home inspector

Your experienced Real Estate Agent, can help provide a list of inspectors. TREC, Texas Real Estate Commission also issues three levels of inspector licenses: Apprentice Inspector, Real Estate Inspector , and Professional Real Estate Inspector.

You can also get references from prior clients, especially homeowners who have been in their home for at least six months. That way you can determine whether any issues popped up that were unreported in their inspection.

Be a part of the process

It’s a good idea to join the inspector on his home tour. You don’t have to climb into the attic with him or crawl under the porch, but follow along where you can and take notes. He may make some great home improvement suggestions along the way — as well as point out peculiarities and unique features.

Although inspections can turn up serious defects, every house will have its imperfections. You might choose to think of many of these as simply endearing beauty marks.

How can Craig Carver and his team help?

Craig’s 24+ years experience in helping clients buying and selling homes, he had built relationships with inspectors such as RedFish Inspections, Bryan and Bryan Inspections and Tim Jones Inspections. Can can also recommend many more.

Partial content courtesy of  HAL M. BUNDRICK

Getting Pre-Approved Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

Capacity: Your current and future ability to make your payments
Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
Collateral: The home, or type of home, that you would like to purchase
Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so.

How can The Craig Carver Group Help?

Craig and has many connections in the lending industry and can point you in the right direction. Give him at call at 281-482-9444

Content courtesy keepingcurrentmatters.com

Home Staging for Sale Preparation

There was a time, not so long ago, when people thought Home Staging was only for high end sellers. Those who hoped to attract wealthy buyers. In today’s real estate world, home staging and sale preparation has gone from luxury to necessity. In fact, Home Staging is important for every price point.

Further, when a buyer walks into a house, Home Staging is what helps them imagine it as their own. For the purposes of maximizing sale price, most traces of the existing owner are removed. Sellers need to remember, their home is now a product for sale.

Is Home Staging worth it?

Whether it’s a starter home or a mansion, buyers have trouble attaching themselves to a space that still looks like it belongs to the current owner. Buyers can’t see past clutter, personal pictures, an over abundance of furniture, obtrusive paint colors and pets.

Does Home Staging Work To Add Value?

Not only does Home Staging help sell a home faster, but when done right, Home Staging also raises the market value of a house. In fact, a 2017 survey by the National Association of Realtors found that real estate professionals believe Home Staging increases the price of a home anywhere from 1 to 15 percent.

Do Staged Home Sell Better?

Home Staging is an investment that’s likely to yield high returns for any seller. Buyers want to walk into a property and feel like the home is move-in-ready with little to no projects. By simply de-cluttering, de-personalizing, touching up paint, having neutral paint colors, a manicured yard and other small efforts can help the property sell faster.

Is Staging like what I see on TV?

With the popularity of HGTV shows such as Fixer Upper, Property Brothers and Flip or Flop, viewers see unoccupied homes filled with all new furniture and accessories. Yes, that is one form or Staging, but working with what seller already has, a little elbow grease and willingness to pre-pack away personal items is also Staging your home to sell.

How can the Craig Carver Group Help?

When listing with Craig Carver, a complimentary Home Staging Report is provided to sellers. The on staff Accredited Staging Professional® will visit the property and write a detailed room by room report of things the sellers can do themselves to Stage their house to get ready to put on the market.

Welcome Amber!

Please join the Craig Carver Group and RE/MAX Top Realty in welcoming Amber Miessner to the Craig Carver Team!

Amber is Accredited Staging Professional® and has been working behind the scenes at the Craig Carver Group for the past few years as our Home Stager. She has a background in marketing, office management and graphic design. We are excited Amber has joined us full time in our office. She will be involved with all community outreach and marketing efforts and will be the friendly face to greet you in our office and on the phone. She is dedicated to making all buyers, sellers, agents and partners feel at home with the Craig Carver Group.

Amber is a Friendswood native and a graduate of Texas State University. She is also a Breast Cancer survivor!

Welcome aboard to the Craig Carver Group!