An exemption removes part of the value of your property from taxation and lowers your tax bill.
In addition to the state mandated exemption amounts for school taxes, each taxing unit decides whether to offer the optional exemption and at what percentage.
For example, Fort Bend County offers a 20 percent exemption for the Homestead exemption.
If your property were valued at $200,000 and you qualify for the 20 percent Homestead exemption from the county ($40,000), you would pay county taxes on your home as if it were worth only $160,000. The amount of savings depends on the exemption and the amount of exemption allowed by each taxing unit.