New homeowners will have a way to lower their property’s taxable value and save on their property taxes next year.

A new law effective January 1, 2022 will provide property tax relief by allowing homebuyers to file for homestead exemptions in the year when they purchase the property. Currently, new homeowners must wait until the following year to file for the exemption.

Texas REALTORS® supported this legislation, which unanimously passed both chambers of the 87th Texas Legislature.