What exemption is provided for individuals who are over 65 years old?

Individuals who are over 65 years old in Texas are granted a property tax exemption of $10,000 on their homestead. This exemption reduces the assessed value of their primary residence, thereby lowering the amount of property tax they owe. The exemption is designed to provide financial relief to seniors, recognizing that they may be on fixed incomes. The $10,000 deduction is taken off the appraised value of the property, which can lead to significant savings over the years, especially in areas where property taxes are high. Understanding the property tax exemptions available to seniors is crucial for helping them manage their finances effectively within the real estate landscape in Texas.