Register Real Estate Advisors

If you own property in Texas your Property Taxes were due December 31st.  If you have not paid them they will be delinquent on February 1st.  That is when the penalties and interest charges get added to the original amount.

This is Part IV on the changes that are taking place January 1, 2012 to Texas Laws that affect real estate professionals, property owners, and tenants.  You can read the first three parts of the series on the RREA Blog.  This is the final part of the series and below addresses the appeals for appraisals.

Many homeowners appeal their property appraisals every year to lower their taxes.  The changes to the Texas Laws for property owners in Collin, Denton, Fort Bend, and Montgomery Counties affect those properties that are worth more than $1 Million.  Property owners of properties over $1 Million can now appeal their property appraisals throught the State Office of Administrative Hearings rather than taking that appeal to district court.  Property owners in Bexar, Cameron, El Paso, Harris, Tarrant, and Travis counties were given that option two years ago.

To find out more information on appealing your taxes, contact your local Realtor.  Realtors have access to the comparable properties in your area that can help you fight your taxes.  Give us a call at RREA if you would like a market analysis of your property – 281.288.3500.

AUSTIN (Wilson County News) – Homeowners who fall behind on their property taxes may be tempted to take out a loan to pay off those taxes. However, the Better Business Bureau (BBB) strongly recommends doing a little homework first.
According to the BBB, the homeowner should:
• Call the taxing agency first. Most government agencies are willing to create payment plans and make other arrangements with those behind on tax payments. Certain individuals may even qualify for a property tax deferral. The homeowner should make sure every means of assistance available through the agency has been exhausted before considering a loan.
• Understand the process. A property tax loan provider will pay off the taxing entity, but that doesn’t mean taxes are paid. The tax lien simply transfers to the private lender.
• Pay attention to the terms. Find out how much, in total, the private lender will charge in interest and fees. The homeowner could end up paying more than he would have paid the taxing entity.
• Check other avenues. A property tax loan provider is not the only option. Check with banks for a lower-interest loan, or see if the balance can be paid with a credit card. The interest rate may be higher with a credit card, but the homeowner will keep the home should he default or file bankruptcy.
• Consult an attorney. A lawyer can help the homeowner negotiate with a taxing entity and understand the terms of a property tax loan, or help the homeowner decide whether or not to file bankruptcy. Texaslawhelp.org provides information to help those who cannot afford legal counsel, and can help find low-cost representation.
• Check out a lender’s BBB business review at bbb.org to see how many complaints have been filed against it before doing business. Also ensure the lender is licensed by the State of Texas.

GONZALES (The Gonzales Inquirer) – With tax season in full swing, now is a good time to remind veterans that they may be eligible for a property tax exemption.

Veterans with a service-connected disability may reduce their property taxes in 2011 by filing exemption forms at their county appraisal district office. Some veterans may qualify for a 100 percent exemption.

A veteran’s percentage of service-connected disability determines the amount of the exemption, from a $5,000 to a $12,000 deduction from the veteran’s property value. A separate application must be completed for this exemption.

The appraisal district may require proof of the disability, such as documentation from the Veteran’s Administration or the branch of the armed services in which the veteran served.

Veterans should contact their county appraisal district office for more information.

If you have been wondering about the value of your home, I have a great tool for you on my website.  It’s a market snapshot.  If you would like to see what your neighbor’s home sold for, look no further.  From the front page of my website you can use the market value widget.  Type in your name, home address, and email and some information about your home and it will send the market snapshot directly to your inbox.  This is a great tool to use when you are wondering about the tax value of your home, too.  Many of my clients use this tool during tax season to get comparables to their own homes.  I am always trying to help my clients conveniently access information for their housing needs at their finger tips.  I hope this widget helps you!

AUSTIN (North Texas e-News) – A new law allows certain Texas veterans to apply for exemption from 100 percent of their local property taxes. The exemption applies only to the person’s residential homestead property.

Under HB 3613, which became law during the recent legislative session, the homeowner must receive 100 percent disability compensation from the U.S. Department of Veterans Affairs to qualify for the exemption.

To apply, veterans must complete the State Comptroller’s Form 50-764 and submit it to the appraisal district office along with a copy of their driver’s license or ID card and a copy of the VA Disability Award Letter from the Department of Veteran Affairs showing the 100 percent service-connected disability.