Here’s what you need to know about business personal property (BPP): BPP is tangible, non-real property used for business purposes. BPP valuations are determined annually by the county appraisal district. A BPP rendition form must be completed every year by April 15. Gill, Denson, & Company can assist with rendition filings and potentially reduce [...]
What you need to know about the most significant updates to Texas property tax law: The school district homestead exemption will be increased from $40,000 to $100,000. School property tax will be reduced by 10.7 cents through maintenance and operation (M&O) rate compression. A 20% appraisal cap pilot program will apply for [...]
As a Texas homeowner, you know by now that the Lone Star State has some of the highest property taxes in the country. Each year the state’s county appraisal districts assess the current market value of properties which determines property taxes. According to the U.S. Census Bureau, Texans pay well over $3,000 a year in [...]
You don’t have to be a home buyer or seller to be affected by today’s unprecedented housing market. Established homeowners, with no intentions of moving, are also greatly affected and not necessarily in a good way. A booming real estate market has driven home values through the roof in Texas and throughout the country. Realtor.com [...]
Did you audibly gasp upon opening your property tax appraisal notice? If so, you are definitely not alone. Many Texas property owners are suffering some major sticker shock as home values across the state continue to skyrocket. Homeowners are left not only feeling shocked but, in some cases, upset and unable to pay their taxes. [...]
As a Texas homeowner, you can save thousands of dollars on your property taxes by taking advantage of the homestead exemption. An exemption removes part of the value of your property from taxation and lowers your taxes. For example, if your home is valued at $100,000 and you qualify for a $25,000 exemption, you pay [...]
There’s a variety of homestead tax exemptions available for Texas residents that can help homeowners save thousands of dollars on their property taxes each year. But did you know if you’re a homeowner aged 65 or older that there’s a special exemption just for you? Whether you’ve lived in the Lone Star State your whole [...]
There are many advantages to living in the Lone Star State. So, while tax benefits might not initially seem as appealing as the diverse family friendly cities, warm climate and endless country roads, if you’re a property owner in Texas, you won’t want to miss out on the valuable Homestead exemptions and the extra benefit [...]
The thought of property taxes can put dread in the hearts of property owners, especially if they live in a high tax area of the United States. However, if you’re a Texas taxpayer, you may be pleasantly surprised to learn that your state legislatures have made various “property owner friendly” changes to Texas property tax [...]
There are many financial benefits that come with owning your home. One being, you can itemize your tax returns and deduct the property taxes paid on your main residence and any other real estate that you own. This includes property taxes you pay from the date you purchase the property. To claim a property tax [...]
