1) As a new homeowner, you must pay annual property taxes to various jurisdictions like the county, city, and school district. You need to notify tax authorities of your ownership to update tax records. 2) Your property is assigned an appraised value which taxing jurisdictions use along with their tax rates to determine taxes owed. 3) To qualify for a homestead exemption, provide your driver's license or ID matching your property address when applying. Several tax exemptions are available to reduce taxable value if applying requirements are met like ownership and residency by January 1st.