I bought an old house in mid July of 2020 in Austin for my primary residence and I have been staying there ever since. I signed contract for another house(new construction) around Austin and planning to move there and rent out the current house. New house is expected to close around August/September in 2021. I want to use Homestead for new house because it will incur more property taxes than old/current house. Is filing Homestead for current house worth it as I am planning to file Homestead for new house (in which case Homestead for current house will be lost) I am going to close later this year?
You won't be able to file homestead for your new home until next year
Simple answer. You must occupy your Homestead on January 1st to get the benefits. So, use the benefit on your current home this year and then switch to your new build for 2022.
Thank you all for clarifying. I'll file Homestead as you guys are suggesting.