Just bought a home? Read this before your first property tax bill

01 · Your assessment

Buying can change how your home is assessed

A sale can reset how a home is assessed. How far the reset goes depends on the state.

California

A purchase is a change in ownership. The assessor sets a new base-year value at market value and issues a supplemental assessment.¹

If the sale closed between January 1 and May 31, two supplemental assessments are issued: one for the rest of the current fiscal year, one for the entire next fiscal year. An increase means a supplemental tax bill; a decrease means a refund.⁸

Florida

The Save Our Homes cap resets when a homestead changes ownership. The property is assessed at just value as of January 1 of the next year.²

Texas

The 10 percent homestead appraisal cap applies to homeowners who qualified the home for the homestead exemption in the preceding and current year.³

02 · Your exemptions

Your exemptions don't move in with you

Exemptions are claimed by the owner, so a new owner typically has to apply for their own.^{1, 4} The deadlines are early in the year:

1. Feb 15California

   The homeowners' exemption is a $7,000 reduction in taxable value; first-time claimants file by February 15 for the full exemption that year.⁵

   If granted, the exemption is also applied to the supplemental assessment.⁸

2. Mar 1Florida

   A homestead exemption application is due by March 1.⁶

   Leaving a Florida home that had a homestead exemption as of January 1 in any of the 3 preceding years? The new homestead can be assessed below just value, carrying over up to $500,000 of the old home's Save Our Homes difference. The portability form goes in with your homestead application.¹⁰

3. Apr 30Texas

   Exemption applications are generally due by April 30.⁴

   If you bought after January 1, you may receive the general residence homestead exemption for the applicable portion of that tax year once you qualify, if the previous owner did not receive the same exemption for that year.⁹

03 · Your options

A new value is still an estimate

Whatever your county set, you can question it within its deadline.

In California, a supplemental assessment can generally be appealed within 60 days of the notice (some counties, including Los Angeles, count from the tax bill).⁷

Your purchase paperwork can help. In Texas, the Comptroller's list of evidence to gather for a protest hearing includes sales price documentation, such as listings and closing statements.¹³

Rules differ by state, so check yours before you file.