Archive for November, 2011

Split Payments: first half due next week

Published by Research Editor on November 23rd, 2011 - in Local taxes, Taxes

tax payment split dollar cracked

If you decide to split your property tax payments, November 30 is the last day to pay the first half.

Why split payments

When you split your payments, you get to pay half of the taxes by November 30 and the other half by June 30 of the following year, without any penalty.

The no-penalty aspect is the best part, followed closely by the fact that you’re not facing an enormous lump sum all at once on January 31. The drawback, however, is that you’re paying half of the taxes two months before the January 31 deadline. If you’re strapped for cash, that isn’t always an option.

How to split payments

Contact your tax collection office to see if the split payment option is available for you. They’ll be able to walk through the steps specific to your local area.

Assistance

If you will have trouble paying your property taxes for 2011 and splitting payments isn’t an ideal option for you, consider getting a property tax loan to ease the burden.

New Property Tax Exemption

Published by Research Editor on November 10th, 2011 - in Tax loopholes and exceptions
New tax exemption

 

On Tuesday, more than half a million Texas voters chose to grant tax exemption to surviving spouses of disabled veterans.

 

Proposition 1 transfers the homestead property tax exemption of a totally disabled veterans to their surviving spouse after the veteran’s death.  Prior to this, the exemption was lost when the veteran died, essentially giving the surviving spouse a sudden property tax bill along with the funeral costs.

 

In recognition of the sacrifice of veterans and their spouses, the proposition to give tax exemptions to surviving spouses passed with 83% support.

How to lower your property taxes

Published by Research Editor on November 10th, 2011 - in Protest, Taxes, The Basics

lowering property taxes

 

Property taxes: we all have to pay them. But there is never a need to pay excessive taxes. These two options will ensure you do not pay beyond your share in property taxes: homestead exemptions and protesting your home’s value.

Homestead Exemption

Be sure you’ve claimed your homestead exemption. Claim it once, and it’s yours for the rest of the time you live in that house or your status does not change. Also look at the other available exemptions to see if you qualify.

What if I’m not sure if I’ve claimed the exemption?

Look your property up. Run an internet search on “[Your county] property tax search.” The result will likely be a .gov site or have the intials “CAD” in the name, like hcad.org, for Harris County. The site you find should have an option to search through properties in your county, and the results will tell you if you’ve claimed the homestead exemption.

Is it too late to claim the exemption for last year’s taxes?

You have until one year after the delinquency date for taxes on your home. File the application for homestead exemption now.

Protest your home’s value

Every citizen has a right to equal and uniform taxation. The craziness in the economy combined with the fact that properties are not appraised every single year makes it likely that your property might be overvalued.

If you think your property is taxed above its value, look at our series on protesting property taxes.

If you’re interested in a property tax loan, apply now.

© 2013 FYP, LLC.