Do investment properties and second homes qualify?

It is a reduction in the taxable value of your primary residence, applied before tax rates are calculated. It also unlocks the cap on yearly increases in taxable value. You have to apply for it; it is not automatic.

File an application with the appraisal district for your property's county: Comal Appraisal District or Guadalupe Appraisal District. The form is free, and you typically apply once as long as you stay in the home.

The general deadline is April 30 of the tax year. Late applications are allowed in some situations, so contact the appraisal district if you have missed it.

For a homestead, the taxable appraised value generally cannot rise more than 10% above the prior year's appraised value, even if the market value rises faster. It applies to the taxable value, not to the tax rate or the amount of your bill.