From the video
Exemption or lid
You came from the video Which Senior Property Tax Break Saves $11,224? This is the Exemption or Lid worksheet that goes with it. You write in your home's value and the two rates on your tax bill, and you see what the over-65 exemption is worth, what the school tax ceiling (the lid) is worth, and the call to make. Free.
Get the free Retirement Money Blueprint, plus the Exemption or Lid worksheet
Your value and your two rates in, two numbers out: what the flat exemption saves and what the lid saves over ten years. It also has the two-bills check, the phone script word for word, the three traps and the state map from the video, on one page you can keep by the phone. The Retirement Money Blueprint and its workbook come with it.
Exemption or Lid worksheet (Excel)
The same worksheet as a PDF, to print
Your exemption and your lid
The boxes start with the video's example: a $350,000 Texas homestead, owner turning 65 this year, values rising 5% a year. Your rates are printed on your tax bill. Change any box and everything below updates.
| 1. School taxable value (value minus both exemptions) | |
| 2. School tax this year: the amount the lid holds | |
| 3. School tax without the over-65 exemption | |
| 4. What the exemption saves each year (line 3 minus line 2) | |
| 5. County, city and other taxes this year | |
| 6. Whole bill this year (line 2 plus line 5) | |
| 7. School tax in the last year, with no lid | |
| 8. The exemption, added up over years |
Year by year
The exemption is a flat bite. The lid stops the school tax from climbing, so its savings grow every year.
| Year | School tax, no lid | With the lid | Lid, added up | Exemption, added up |
|---|
The video's example
Texas homestead, $350,000, owner turns 65 in 2026. School rate assumed at $1.00 per $100, county and city at $0.80.
| Line | Amount |
|---|---|
| $350,000 minus $200,000 of school exemptions | $150,000 |
| School tax, the amount the lid holds | $1,500 |
| Without the $60,000 over-65 exemption | $2,100 |
| The exemption saves | $600 a year |
| County and city part | $2,800 |
| Whole bill this year | $4,300 |
| Added up | 5 years | 10 years | 15 years | 20 years |
|---|---|---|---|---|
| The exemption (any growth) | $3,000 | $6,000 | $9,000 | $12,000 |
| The lid, values up 3% a year | $1,639 | $6,327 | $14,549 | $26,868 |
| The lid, values up 5% a year | $2,807 | $11,224 | $26,801 | $51,517 |
At 5%, school tax with no lid reaches $3,701 in year ten; with the lid it is still $1,500. The lid covers school taxes only: the county and city part goes from $2,800 to $4,561 by year ten at 5%. Five percent is a what-if: the FHFA house price index rose about 2% in the latest year, about 5.9% a year over five years, and about 4.3% a year since 1991.
Three kinds of break
| Break | What it does | On the video's house |
|---|---|---|
| 1. The exemption | Takes a set amount off your taxable value every year. Flat; it does not grow when your house does. | $600 a year |
| 2. The lid (a freeze) | In Texas, holds your school tax dollars at what you paid the year you qualified. Ask: a freeze on what, the value, the tax, or a refund? | $11,224 over ten years at 5%; $6,327 at 3% |
| 3. The deferral | Lets you put off paying. It is a loan against the house, with interest, owed when the house is sold or the estate settles. | $4,300 a year for ten years = $43,000 of tax, about $54,825 owed at 5% simple interest |
What a deferral would owe
| Tax put off (this year's whole bill, held flat) | |
| Owed at the end, with interest (the lien) |
Your Exemption or Lid worksheet
Filled in from the calculator above. Print it and keep it by the phone.
| Home value | |
| School tax this year (what the lid holds) | |
| The exemption saves each year | |
| The exemption over years | |
| The lid over years, at a year |
Step 1. Your last two tax bills
| Line | Last year | This year |
|---|---|---|
| School district line | ||
| County line | ||
| City and other lines |
Look for the words over 65, senior, or ceiling. Circle what is on your bill: A, the exemption B, the lid C, both D, neither.
- A: ask the one question about the ceiling (step 2).
- B or C: check which line rose, and call your mortgage servicer if your taxes ride in your payment.
- D: make the call this week, and ask how far back you can file.
Step 2. The call (appraisal district in Texas; county assessor anywhere else)
“I'm 65 or older, this house is my homestead. Is my senior exemption on file?”
“Is my school tax ceiling in place, and what year is it set at?”
Outside Texas: “What senior programs do you have, and does your freeze lock my value, or my tax?”
Step 3. The filing
In Texas: the residence homestead exemption application, listed as Form 50-114. Confirm that exact name on your appraisal district's own website. Bring an ID with the house's address and proof of age. If the house is in a trust or co-owned, ask first. If you're late, ask: “Can I still file late, and for which years?” In Texas it's up to about two years; on the video's house that is up to $1,200 back from the exemption.
Step 4. If they say no
Ask for the reason in writing, then ask how to appeal, and by what date. If your taxes ride in your mortgage, call your servicer once the break shows and ask them to rerun escrow.
Three traps
- The income test. Texas's lid and exemption don't test income; New Jersey, Pennsylvania and California's postponement do. Ask what counts: a required retirement withdrawal, a one-time sale, everyone's income in the house?
- “My lid's on and my bill still went up.” In Texas the lid covers school taxes only. Adding a room or a garage raises the lid for the new part.
- Refiling. In Texas it's one application for both breaks, unless your appraisal district asks again. Anywhere else ask: “Do I file this once, or every year?” Write the answer on the bill.
Texas figures: Texas Comptroller and Tax Code 11.13 and 11.431. School and county rates in the example are assumptions. Growth rates are what-ifs, not forecasts. Rules, limits and deadlines change; confirm yours with your appraisal district, county assessor, or a tax professional. Education, not financial advice.
The state map
As of September 2026. Find your own line and check it with your county.
| State | What the video covers |
|---|---|
| Texas | 65+ exemption and school tax ceiling, one application; late filing up to about two years back. Your county or city can add its own ceiling. |
| Illinois | Senior freeze locks assessed value, refiled every year. In Cook County, missed exemptions can be claimed back for several prior years. |
| Arizona | Senior freeze locks limited value for three years at a time; tax rates can still go up. |
| New Jersey | Senior Freeze reimburses the increase. Income limit $172,475 (2025); deadline November 2, 2026. |
| Pennsylvania | Rebate up to $1,000, sometimes more, at 65+. Income limit $48,110; deadline December 31, 2026. |
| North Carolina | Circuit Breaker limits tax to 4% or 5% of income; the rest is deferred, and the last three years come due at sale or death. |
| Florida | Homestead assessed value growth capped at 2.7% for 2026. |
| California | Prop 13 caps assessed value growth at 2% a year. Postponement at 62+, income under about $55,000, a 5% lien repaid at sale. |
| Oregon | The main senior program is a deferral, at 6% interest. |
There is no federal senior property tax program. A “Form 1098-SR” offer is a scam that counties warned about in 2026.
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