If your child is going to be on title to the property and this will be their primary residence, they may qualify for the homestead exemption. You will want to check out the property appraiser's site for the most commonly asked questions and my find the answer there. You will also want to consult with a real estate attorney and tax advisor to see what implications this may have for you as well. Please see the link below for some of the most commonly asked questions.
Lila V. Lopez
RE/MAX Advance Realty