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Ptax 340 Form

Ptax 340 Form

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how the Texas homestead tax cap works for homes that are receiving a homestead exemption which is any property that the owner considers their primary residence the appraised value may be lower than the property's market value because of what the law refers to as the homestead cap currently the law states that while a property's January 1st market value isn't capped the properties of praised value is capped at a maximum increase of 10 percent from the previous year so let's say the market value of someone's home on January 1st is $200,000 but the year prior it was only valued at $170,000 this year's appraised value would be one hundred eighty-seven thousand dollars which is an increase of ten percent from the previous year but in some situations the value of the home can go down while the appraisal goes up let's pretend that next year something happens and the home's value drops from two hundred thousand dollars to a hundred ninety thousand dollars the cap for that year would be two hun

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