Landowners in the Amarillo, TX, Potter County and other target areas throughout the state are eligible for a variety of tax incentives. These incentives, often given in the form of an exemption, offer those willing to relocate to Texas multiple opportunities to save. Generally, incentive programs require that a property be assessed, and then a specific portion of the property's value is deducted from the assessed value for tax purposes. Tax incentive can be applied to property tax for up to 10 years, depending on the type of exemption a homeowner qualifies for. They are designed to motivate business and homeowners to purchase properties in certain areas, as a mean to encourage economic growth.
Homestead Tax Incentive
Social Security Related Tax Incentives
Those who are over the age of 65 and drawing social security, or who qualify for and receive social security disability payments, can qualify for a specialty tax incentive beginning the year they start drawing social security and continuing for as long as they are eligible for the standard homestead exemption. This exemption offers a $10,000 reduction in the appraised value of the property.
Renewable Energy Tax Incentive
The Texas Tax Code rewards those who upgrade their home to make it more energy efficient. Those who install solar power, wind power, biomass systems, anaerobic digestion systems, or make other energy friendly device installations are eligible to deduct the cost of the upgrade from the properties appraised valuation, in order to offset the cost of improvement.
Wildlife Management Tax Incentives
Those in the Amarillo area, who own more than 20 acres and cannot qualify for the homestead exemption, may instead be interested in claiming a wildlife exemption. Those who are willing to actively manage a section of their property in keeping with the local conservation agency's breeding goal and conservation effort are eligible for a tax break. Property must be appraised by May 1st of any given year (do it now!), and all application forms completed (that's why), annually to qualify.