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| Protect Your 10% Property Tax Cap
Imagine for the past three years your property tax bill was the same - your home's assessed value was never raised. Most homeowners welcome this "tax break" and don't give it another thought. Then, in year four, your property tax bill arrives and your assessed value has increased by 40%! Many homeowners would ask how this can be if the Texas Property Tax Code only provides a 10% property tax maximum increase? Here's the catch, the 10% property tax cap can be applied for each year since the property was last appraised. Homeowner's don't have to be outsmarted by their local appraisal districts. You can fight back and protect your 10% property tax cap by appealing annually. By not appealing every year, even when your assessed value remains the same, you are forfeiting your right to a maximum increase of 10% to your property taxes in future years. In addition to protecting the 10% cap, annually appealing property taxes has many benefits including substantial savings and a high probability of success. Although only about 7% of homeowners appeal their property taxes annually, approximately 70% of those who appeal are rewarded with a reduction in their property taxes. Given such a substantial level of savings and high probability of success, why don't more Texas owners appeal their property taxes? A survey conducted by O'Connor & Associates indicates that homeowners perceive the process to be overwhelming and difficult with a low probability of success. In actuality, the process is simple and straightforward and most homeowners who appeal are successful. Knowledge of unequal appraisal and House Bill 201 are key factors in making annual property tax appeals viable for many homeowners. Unequal appraisal allows homeowners to appeal their property taxes if they are assessed for more than similar properties. Homeowners can get information on unequal appraisal and market value by requesting a House Bill 201 packet. A House Bill 201 packet contains all the information the appraisal districts will use as evidence during the hearing. The cost to obtain this evidence is nominal (usually $1 - $2; and can be printed off the Harris County Appraisal District's website) and the appraisal district may not present any information not included in the House Bill 201 package at the hearing. In many cases, the appraisal district House Bill 201 information clearly supports a lower value. Even though government makes the laws, you have rights and there are laws in place to help homeowners fight back. So, don't be a victim - appeal annually and protect your 10% cap. Click here for FREE useful information to reduce your property taxes Visit our source for the latest up-to-date property tax news! Questions? E-mail O'Connor & Associates, or call 1-877-4-TAXCUT. Please help us! We are conducting a survey to educate legislators regarding problems with the property tax appeal process. You can help by taking 2 minutes to complete this survey. You will receive a copy of the survey and FREE tips on how to appeal your property taxes. Click here to take our survey. » Hire O'Connor & Associates to reduce your property taxes. You pay NOTHING unless we save you money!  Please send me periodic tips on reducing my taxes. O'Connor & Associates -- Your Key to Real Estate Value Corporate Office: 2200 North Loop W., Suite 200 Houston, TX 77018 1-800-856-7325 Dallas * Houston * Los Angeles * Newport Beach If you would like to be removed from this list and receive no future real estate information, click here to unsubscribe. |
Property Tax Tips
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