I fall into the 70-90% tax reduction for housing taxes in Texas. It mentions 12,000 reduction, but is that per year? My taxes on my home in Texas would be around 15,000 a year would it actually reduce my yearly taxes by 12,000? Or does it calculate my taxes after reducing my home value by 12,000 and then calculating taxes?
Responses (1)
So I was able to get the information from a mortgage lender. Its the second scenario. They calculate what your house is worth minus the 12,000 (or whatever your deduction is) from that value and THEN calculate normal taxes. Being 100% removes all housing taxes though so if you are 100% service connected then Texas is great for owning a home, and there is no income tax.