Wife and I are looking into purchasing 1-2 acres and paying for it over the next couple of years - in preparation for building a home there.

If we purchase the land and put an oversized garage/shop on it to store our boat and camper, what kind of tax implications does that have - as far as maintaining our homestead exemption at our current home and then paying taxes on land/garage.

Is there some kind of penalty I need to be aware of - or just pay the normal tax rates for the value of the land and shop and don't worry about it as a homestead as we could not and would not live onsite in a garage?

Land would probably be in either Wise or Parker counties (west of DFW).

would have none. Just keep your homestead on your current home.

You just won't get an exemption on the 1-2 acres and the improvement. That's it.

@Diggity and @Yesterday

Thank you both for the clarification.