Texas Homestead Exemption 2024. Homestead limitation (aka residence homestead “cap”) a homestead limitation is a limitation or cap on the amount of value a property will be taxed from year to year. Homestead exemption as part of an $18 billion property tax relief package, texas homeowners will see their homestead exemption on their property tax bill increase from $40,000 to.
A homestead exemption is an exemption that removes all or a portion of value from your residence homestead as authorized by the state or adopted by a local taxing unit. If you own and occupy your home, you may be eligible for the general residential homestead exemption.