Archive for the ‘Harris’ Category

Property Tax Fees and Penalties


 

This video explains in detail the consequences of not paying property taxes for Texans.

For a property tax loan, visit Texas Property Tax Loans

How the Texas Homestead Tax Cap Works

 

How the Texas Homestead Tax Cap Works: in simple terms.

For homes that are receiving a homestead exemption, which is any property that the owner considers their primary residence, the appraised value may be lower than the property’s market value because of what the law refers to as the “homestead cap.”

Currently the law states that, while a property’s January 1st market value isn’t capped, the property’s appraised value is capped at a maximum increase of 10% from the previous year.

So, let’s say:

  • The market value of someone’s home on Jan 1st is $200,000
  • But, the year prior it was only valued at $170,000.
  • This year’s appraised value would be $187,000, which is an increase of 10% from the previous year.

But in some situations, the value of the home can go down while the appraisal goes up.
Lets pretend that next year, something happens and:

  • The home’s value drops from $200,000 to $190,000.
  • The cap for that year would be $205,700.
  • The appraised value would increase from $187,000 to $190,000.

and taxes would increase even though property value decreased.

To qualify for the cap, the owner must first receive the homestead exemption, then the value must increase more than 10% within a year.

For more informative tax articles and videos, visit fypllc.com.
For a property tax loan, visit TexasPropertyTaxLoans.com.

Harris County Property Taxes

Published by Research Editor on October 28th, 2011 - in Harris, Local taxes

Harris County has collected its property tax information on a single website, hcad.org. This website is well organized to help you with your property taxes in Harris County. The Resources tab is probably the best place to start browsing. It lists links within its own website to important pages, like information about protests before the ARB, the tax calendar for Harris County, and homeowners exemptions.

Also of interest on the site:

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