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 (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, lets 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$.
• This years appraised value would be 187,000$, 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 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

Happy New Year!

Today is the date a tax lien attaches to your property until your taxes are paid. This lien means that, if you don’t pay your taxes, the courts can foreclose and seize your property.

A tax lien is serious business. To get rid of the lien, pay your taxes.

Are you having difficulty paying your property taxes this year? Consider a property tax loan to pay off the lien and avoid fees and extra charges from the taxing authorities.

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.

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.

MyMoney.gov is a useful index of articles from 22 different federal entities, in an effort to teach the public about important financial topics, including home ownership.

There’s not much information on this federal site about property taxes, since that is a local tax, but there is plenty of information that will be useful to you as a property owner. Some of the more interesting topics include:

• Homeowners Who Lose Homes; Tax Relief Available to Many
• Cancellation of Private Mortgage Insurance: Federal Law May Save you Hundreds of Dollars Each Year
• Foreclosure Prevention Website

In and of itself, mymoney.gov doesn’t have articles of its own, but it is a useful resource for finding financial information relevant to you on other pages. The Life Events tab at the top lists resources by various events, like home ownership, retirement, and natural disasters. The My Resources tab lists resources by attributes like youth, women, military, and non-profits. The Tools tab takes you to a list of links to tools you might find useful, like calculators (like life expectancy and debt payoff calculators), budgeting worksheets, and checklists.

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:

• Guide to understanding the property tax process
• File your protest online, as well as a video about how to file your protest online
• Left column: most requested forms, including homestead exemptions, notice of protest, and request to correct name
• Record search
• Forms: more than 100 documents.

Is your property in Dallas County? The county’s websites provide a wealth of information that you may find useful. The official Dallas County Website, for everyone in Dallas county, covers:

• How to look up your account or pay taxes online
• A list of property tax rates
• A list of exemptions
• An application for a tax refund

The Dallas Central Appraisal District website has even more information, devoted to property taxes:

• A list of exemptions
• Explanation of the protest process and a protest process video
• A list of average house values by county
• Tax calendar