Importance of Texas Property Taxes
Property owners have a legal responsibility to pay property taxes. Property taxes are determined by the property’s assessed value and are used to finance numerous services that affect surrounding communities. Paying your property taxes in Texas is crucial for many reasons. For example, it funds local government services, which includes counties, school districts, police and fire departments, road maintenance, public libraries, and parks.
A huge portion of tax revenue supports school districts that will impact the quality of education for today’s young generation. Property tax revenue also contributes to the upkeep and enhancement of public infrastructure, keeping communities safe and operational. It can help communities grow and thrive by initiating and supporting public initiatives and services.
Paying your property taxes can greatly impact your community in several ways, and personally as a property owner you have a legal obligation to pay your taxes on time.
Property Tax Deadline
Tax season for Texas property is starting up, and the bills need to be paid by January 31st Deadline. Texas tax officials issue the 2024 bills around the months of October and November and are to be paid by January 31, 2025. To file a protest, the deadline is May 15th and Appraisal Review Board (ARB) protest hearings are not scheduled until the property owner or property tax consultant has filed a protest.
If you don’t pay by the tax deadline, property owners may have to pay a substantial amount in fines and interest, especially if you own several properties or high-value property.
Property owners can be at risk of missing the Texas property tax deadline for factors outside of their control. This can include not receiving the tax payment notice in the mail.
Property Tax Payment Options
To assist property owners in meeting their tax responsibilities, Texas offers several payment choices to avoid fines and interest. Some of the payment options are:
- Escrow Accounts via Lender
- Automatic Bank Draft or ACH Payments
- Installment Payment Plans
- Single Lump-Sum Payment
- Payment Assistance Programs for Seniors or Disabled Homeowners
- cash, check, or money order
It is important to note that properties with an escrow account, the lender will also get your property tax bill, in addition to the address you provided to the county assessment office. Staying in contact with the escrow lender will be provide ease and make it simple to stay on top of the payments.
Resources to Reduce Property Taxes
Property owners will be able to better manage their property taxes and steer clear of interest and penalties by including a variety of payment options in their plan.
- File a property tax protest and appeal property valuations with O’Connor.
- Review Exemptions and Special Valuations
- Depreciation and Asset Management
- Tax Incentive Programs
Helpful Tips to Pay Your Property Taxes by the January 31st Deadline
- Check your statement as soon as you receive it and start planning (usually the notice arrives in October).
- Mark the deadline on your calendar and set up reminders.
- Be aware of all your payment options, for example installment payments, escrow account, etc.
- Use a budgeting tool to set aside a portion of your income each month throughout the year.
By being proactive and using comparable market data, you have a greater chance to significantly reduce your property tax burden.
Late Payment Penalties and Fees
It is the property owner’s responsibility to pay by the deadline, otherwise it might complicate the tax situation and lead to costly penalties for late payments. To get the most out of your payment plan consult with a property tax expert from O’Connor.
Below is the monthly increase in the penalty and interest in the payment schedule.
After an extended period, the county may take and sell unpaid properties to recover unpaid property taxes. It is important to keep track of the due dates for each property’s taxes in a spreadsheet to help alleviate some of the burden.
Benefits of Working with O’Connor
- O’Connor property tax consultants utilize data to negotiate a lower assessment. They check for assessment discrepancies, as well as market trends and comparable property sales.
- O’Connor works on a no-win, no-fee basis, meaning you don’t pay until they successfully reduce your taxes.
How Can O’Connor Help You
Homeowners in Texas can benefit from O’Connor’s Property Tax Protection Program™ a risk-free program that offers the opportunity to pay less in property taxes. Joining O’Connor allows us to protest the exorbitant assessment values on Texas citizens’ properties. As part of the program, our property tax specialists will prepare for and appear before the Appraisal Review Board (ARB) to fight for a reduction. They will also investigate comparable property tax cases and market sales to get you the best reduction.
Enroll now in O’Connor’s Property Tax Protection Program™ at no charge and receive assistance from Texas’ top property tax consultants on protesting and appealing your property to get the best results.
