A Texas over-65 homeowner wants to defer property taxes instead of paying them each year. Under Texas Tax Code §33.06, what happens when the homeowner files for a tax deferral?
Correct Answer
B) Taxes are deferred with 5% annual interest; collection is postponed until sale or death, due 181 days after
Under §33.06, an over-65 or disabled homeowner can defer property taxes. Taxes accrue interest at 5% per year during the deferral. Collection is postponed until 181 days after the property is no longer the homeowner's homestead (due to sale, death, or move).
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