TAX CUTS COMING SOON!!
The Texas Senate and House have finally agreed on a property tax reduction bill. There are a few small details that must be worked out between the two bills but it appears inevitable. For this year we will only have a small tax break and the larger break will come next week. Property taxes will be reduced from a max of 1.50 per hundred dollars to 1.00 per hundred dollars. This will be about a 1/3 cut in school property taxes which make up the bulk of our tax load.
My personal opinion is that this tax reduction will help to increase out of state investment in Texas and possibly drive up prices a bit. Since they have decided to invest in our state, many of my out of state clients have been waiting for this day and they are excited that they will no longer be double taxed.
Incidentally property tax assessments have begun to be delivered this week. The assessment amount is determined by the taxing authority and anyone can protest the amount. The first step is to go see an appraiser at the taxing authority and justify the lower amount. The appraiser has the ability to lower the value. If you are not pleased with the outcome of the individual meeting, you may appeal to the Appraisal Review Board. In the past the outcome of the ARB was binding unless you sued in county court. However this year for the first time you may ask for binding arbitration. An independent arbitrator will determine the value.
Anyone has the ability to protest the value of their home and if you are not able to physically do it yourself, a good property manager should provide that service for you. There are lots of services that will charge you a large fee to protest for you. Most of these companies will split the savings with you.
For more information on Tax Protests
