Commercial Real Estate Tax

  Property tax assessments for homes were increased by 6.7% for the tax year 2021, based on a review of 85,297 homes valued by the Fort Bend Appraisal District. Homes valued at $1 million or higher had the largest increases, average 8.4% higher than 2020. Review of 85,297 homes valued at $300,000 or indicates an increase in assessed value of $35.6 billion, up 6.6% from $37.9 billion in 2021.  Total property taxes for 2021 for homes valued over $300,000 would total $1036.5 million, based on a 2.7% tax rate before considering homestead exemptions. Fort Bend has 1508 homes valued at $1 million or higher. They are valued at $2.1 billion in 2021, up from $2 billion in 2020. Values were increased for 1,123 homes, reduced for 385 homes, and remained flat for 0 homes. Homes valued at $300,000 to 500,000 increased from $23.1 billion in 2020 to $24.7 billion in 2021, an 6.9% increase. Of the 65,992 in this price range, values were increased for 51,356, reduced for 14,611, and remained f...

  Property tax assessments for homes were increased by 8.2% for the tax year 2021, based on a review of 105,861 homes valued by the Bexar Appraisal District. Homes valued between $300k to $500k had the largest increases, average 8.6% higher than 2020. Review of 105,861 homes valued at $300,000 or indicates an increase in assessed value of $44.68 billion, up 9.2% from $48.47 billion in 2021. Total property taxes for 2021 for homes valued over $300,000 would total $1322.3 million, based on a 2.7% tax rate before considering homestead exemptions. Bexar has 3,322 homes valued at $1 million or higher. They are valued at $4.8 billion in 2021, up from $4.4 billion in 2020.  Values were increased for 2,586 homes, reduced for 572 homes, and remained flat for 164 homes. Homes valued at $300,000 to 500,000 increased from $27.19 billion in 2020 to $29.87 billion in 2021, an 9.8% increase. Of the 80,824 in this price range, values were increased for 75,806, reduced for 4,705, and remained ...

  As you may already know, Texas does not have a state property tax, the property tax rates are locally assessed. Property taxes are the major source of revenue and bring in most of the money to provide services offered by the local government. The Texas government offers special protections for the property owners in Texas and one such protection is the over 65 exemption.  WHAT IS THE PROPERTY TAX EXEMPTION FOR OVER 65? Homeowners aged 65 years or older qualify for this exemption. All homeowners aged 65 years or older qualify for a standard $25,000 homestead exemption. Other than this, the Texas school districts offer a $10,000 exemption for qualifying homeowners aged over 65. An additional exemption of $3,000 is offered by many cities and counties as well. Get to know about the additional exemptions by contacting the  appraisal district. WHEN DO I QUALIFY? You qualify for this exemption on the day you turn 65. To claim for this exemption all you have to do is submit pro...

  Millions of homeowners have no idea on the way to lower their property taxes. They casually glance or grimace at their mortgage escrow notice per annum and pony up without doing anything. 60% of properties are overvalued by assessors, according to the National Taxpayers Union. Having fought for fair assessments for quite a decade because the co-founder of a non-profit, taxpayer advocacy organization, most owners have no idea how the tax valuation process works. Here are five things you can do: Check your property description If your assessor shows four bedrooms, and you simply have three, then you'll correct the error if they visit your property otherwise you submit building drawings. Less living space, of course, means a lower tax bill. Your property description should be accurate in terms of square footage, rooms and amenities. Do you qualify for exemptions?   You automatically receive a homestead exemption for living in your home and not renting it out. Exemptions also a...

  One of your most important rights as a taxpayer is your right to protest your property taxes. If you are dissatisfied with the value of your property, you have the right to protest your property taxes. Depending on the type of the property, you may be able to appeal to the state’s district court in the county in which your property is located. Real and personal property taxes can be a financial burden for most of the business owners in Texas. Over 50 percent of all state and local tax revenue comes from property taxes, because Texas has no income taxes. However, with intervention, this can be reduced.   Reasons Why You Should Protest Your High Property Taxes The 2021 property tax season is quickly approaching. The following are reasons why an annual property tax appeal is necessary and tips on how to get the best reduction  It is your money.. Property taxes are the only tax that can be appealed on an annual basis. People are the number one reason to protest your proper...

  Who is eligible for a homestead exemption? You are eligible for a homestead exemption if you Own your home (partial ownership counts),  The home is your principal residence, and  Mainly, the homeowners who qualify for a general residence homestead exemption are also eligible for the exemptions given below, if they meet these criteria: Over 65 exemption: If you're over 65 and if suppose you die, your surviving spouse 55 or older will get your over-65 exemption. Disability exemption: For homeowners (not their children) who have a disability that qualify for Social Security Disability benefits. If you are a senior and have a disability, you'll take just one of the exemptions. What will I save with the homestead exemption? How much you save with Texas homestead exemption depends upon the amount of exemption and the level of tax adopted by your city, county and other local governments. Once you obtain an over-65 or disabled exemption, your school taxes are frozen (means th...

  Generally, Texas has uniform principles with reference to key deadlines and reporting procedures. There are some key dates that texas personal property tax holders need to know: 5 Things To Know About Texas Business personal Property Tax: 1. Texas has one among the very best property tax rates in the country, with most properties seeing considerable tax increases year over year. The Texas population again has increased quite the other states. Therefore county governments are currently in need of tax revenue to support this rapid population growth and a developing economy. Upward-trending valuations are a problem for property owners, who are not experiencing bottom-line increases at the same rate as property tax increases. 2. Intangible asset valuation is important for calculating accurate assessments for both real estate and personal property. Texas business property tax assessors frequently use the income approach to value property. Assessors sometimes claim that income generat...

If you are a business owner who owns a building, land, or property, you will be probably familiar with business property taxes. In any case, you might be liable for paying business personal property taxes in addition to your other taxes. Read on to learn about the valuations of business personal property. Why Is Personal Property Valued? There are a fairly consistent set of reasons people require valuation of business personal property including: Accounting / depreciation Impairment of value Casualty loss Business valuation Business dissolution Divorce Estate taxes Property taxes Methods For Valuing Personal Property: The three primary approaches to valuation are cost, income and the sales comparison approach. These approaches are used for valuing real estate, businesses and personal property. Cost Approach The cost approach is an appropriate valuation method. It is based on the assumption that the cost of a property should be equal to the cost of building a similar property from scra...

  If you are a homeowner, a residential property tax protest should always be on your radar around this time of year - even if you filed one last year and won. Filing a residential property tax protest is vital to bringing that valuation down to an appropriate number and lowering your tax bill for as long as you are in the home. Why Should You Protest Every Year? There are many reasons you should file a residential property tax protest each year, regardless of how it went the year before. Whether you won your dissent and decreased your tax rate in the years past, you actually have a shot at doing it again. In fact, because of those past protests, your chances may even be higher. Here’s why, as a homeowner protesting your property taxes annually is important. It improves your chances of future protests .  If you have a history of protesting your property taxes in Texas , it shows you know what the fair value of your home should be. On the off chance that you don't, it shows yo...

  What is personal property? All property that is not characterized or taxed as “real estate” or “real property” is considered to be a PERSONAL PROPERTY. Business personal property includes everything from pens and other small items to computers and manufacturing equipment. It is available whether it is claimed, rented, leased, lent, or in any case made available to the business.  Who Must File A Business Personal Property Listing? Everyone who owns equipment used in a business must complete a personal property listing by April 30 each year. The listing must include a description of the equipment, its cost, and the acquisition year. The completion of a listing is required of all individuals, partnerships, corporations and associations who on January 1 own, control or possess any amount of leasehold improvements or personal property (tangible) utilized or held for a business reason. When and Where Does a Business Owner List? The business personal property listing must be filed...