Removal on a Homestead Excemption on my father's home.

Texas

I am trying to buy my first home and came across a problem in regards to qualifying my own home for a homestead exemption. I originally co-signed for him over 8 years ago, since then my dad has refinanced the home under his name only but I still remain on the deed and the homestead. I was told I could be removed from the homestead however my father would only get a 50% break since I also have 50% ownership (he is only 61 and does not qualify for the other exemption). He left me on the deed for inheritance reasons but I don’t know if I have any other options but to be removed from the homestead so he can get the full tax discount and I am able to qualify on my own home. We figured it was best to keep my name on the deed should something happen to my father as it is only my father, myself and brother and I am the oldest. Now that this issue has risen, I really don’t know what I should do. I was also told that if I stay on the deed and something should happen to my father, I will be responsible for his portion of the taxes so it may be best to be removed all together. I would greatly appreciate any advice, thank you.

vdelagarza said:

I was told I could be removed from the homestead however my father would only get a 50% break since I also have 50% ownership (he is only 61 and does not qualify for the other exemption).

Click to expand...

That is correct.

In Texas (as in most other states) you can only file a tax exemption on ONE property. Your choice is to keep your allowed exemption on your Dad's property and no exemption on yours.... or drop on Dad's and apply on yours. Really no other choices.... and the choice of which is entirely up to you. We can't make that decision for you.