A homestead cap loss is a protection allowed by the Tax Code that prevents an increase in your home’s value from going up all at once. The
Comptroller’s office explains it as:
The appraised home value for a homeowner who qualifies his or her homestead for exemptions in the preceding and current year may not increase more than 10 percent per year.
Tax Code Section 23.23(a) sets a limit on the amount of annual increase to the appraised value of a residence homestead to not exceed the lesser of:
- the market value of the property; or
- the sum of:
- 10 percent of the appraised value of the property for last year;
- the appraised value of the property for last year; and
- the market value of all new improvements to the property.
Example A:
Jane Doe’s property was appraised last year at $50,000. This year, her property was appraised at a market value of $85,000.
No Homestead Cap Loss:
Taxable value for this year: $85,000
County tax: $85,000 * 0.007100 = $603.50
School tax: $85,000 * 0.010400 = $884.00
City tax: $85,000 * 0.00720767 = $612.65
Hospital tax: $85,000 * 0.00379387 = $322.48
Total taxes for the year: $2,422.63; an increase of $997.56 from last year’s amount
With Homestead Cap Loss:
Taxable value for this year: $55,000 (($50,000 * 10%) + $50,000))
County tax: $55,000 * 0.007100 = $390.50
School tax: $55,000 * 0.010400 = $572.00
City tax: $55,000 * 0.00720767 = $396.42
Hospital tax: $55,000 * 0.00379387 = $208.66
Total taxes for the year: $1,567.58; an increase of only $142.51 from last year’s amount
Next year, assuming no new improvements or changes to each unit’s tax rate, Ms. Doe’s property value will increase slightly to $60,500 bringing her tax amount for the year to $1,724.14. And so on until finally her property reaches the $85,000 market value.
Example B:
Last year, Edward Cullen’s property had a market value of $100,000. That same year, he built a swimming pool which contributed $25,000 to his home’s value. This year, his home was appraised at a market value of $150,000.
No Homestead Cap Loss:
Taxable value for this year: $150,000
County tax: $150,000 * 0.007100 = $1,065.00
School tax: $150,000 * 0.010400 = $1,560.00
City tax: $150,000 * 0.00720767 = $1,081.15
Hospital tax: $150,000 * 0.00379387 = $569.08
Total taxes for the year: $4,275.23; an increase of $1,425.07 from last year’s amount
With Homestead Cap Loss:
Taxable value for this year: $135,000 ((($100,000 * 10%) + $100,000) + $25,000)
County tax: $135,000 * 0.007100 = $958.50
School tax: $135,000 * 0.010400 = $1,404.00
City tax: $135,000 * 0.00720767 = $973.04
Hospital tax: $135,000 * 0.00379387 = $512.17
Total taxes for the year: $3,847.71; an increase of $997.55 from last year’s amount
Next year, assuming no further new improvements or changes to each unit’s tax rate, Mr. Cullen’s property value will increase a bit more to $148,500 bringing his tax amount for the year to $4,232.48. And so on until finally his property reaches the $150,000 market value.