City of Austin’s Homestead Exemption Increases from 6% to 8%

Going into effect Jan. 1, 2016, the City of Austin’s homestead exemption will increase from 6% to 8%. So how will this effect you?

If you purchase a property in 2015 which will serve as your principal residence, in 2016 you’ll only pay taxes on 92% of the worth of your home, as opposed to 94%, as it was in the past.

In essence 8% of your home is now exempt from taxation.

Click here for more details on this exemption increase.