123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Real-Estate-and-Foreclosure >> View Article

Will Texans Get A Property Tax Break Amid Covid 19?

Profile Picture
By Author: Derickjames
Total Articles: 100
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Here is the big question all Texans have in mind; will I get a tax break in the midst of COVID 19? With COVID 19 affecting the real estate market will there be a break in property taxes in Texas? The sad truth is a BIG NO. Yes, you heard it right, it might sound bitter, but Texas property owners are likely not to see any tax break this year.
Why so?
Here are two main reasons, the first reason being, your property values were set by the appraisal districts on January 1st before the deadly virus reached the pandemic stage. The second reason is the written opinion issued by the Texas Attorney General - Ken Paxton, where he stated any economic damage caused by COVID 19 does not qualify for a tax exemption.
Texans, it’s time to plan!
If you are a property owner who is expecting to see a hike in the appraised value of your property, then it's high time you plan. Here is a simple plan for you.
First, start off with the documentation. Collect information about comparable property sales, building expenses or modification, and pictures of deferred maintenance. It would be better to produce documents that ...
... show anything that negatively affects the value of your property. Without proper documents, it would be really difficult to protest the assessed value of your property.
COVID’s impact on the protest process
Property owners who had opted to protest their property taxes this year are stuck in the middle of the process. Here is an overview of how the protest process usually works:
CAD holds an informal hearing with the property owner. If the owner of the property agrees, the protest is resolved. Otherwise he or she moves on to the formal hearing where a panel of three people appointed by a local judge try to resolve the protest. If the property owner is still unhappy, he can file a case against the CAD.
But, COVID 19 has affected the entire process, informal hearings are now being done via phone or e-mail and most of them are delayed and postponed to the end of August or early September.

Texans keep an eye on the legislative sessions
The next legislative session is likely to begin on the 21st of January 2021. State lawmakers are likely to discuss the economic recovery and property tax is likely to be a part of the discussion. In 2021, Texans can expect to see the new tax cap which is 3.5% which will be replacing the old 8% tax cap. However, the new tax cap on an individual tax-on-a-property basis could be of no relief at all. Yes, you heard it right, though the new rule caps the total receipts the taxing entity brings in, it will not reduce the tax burden of an individual taxpayer.
To know more on property taxes and to get regular insights and updates visit my blog Protest For Your Taxes

Total Views: 173Word Count: 481See All articles From Author

Add Comment

Real Estate and Foreclosure Articles

1. Vasavi Atlantis
Author: vasaviatlantis

2. What Is The Review Of Tata Primanti Residential Project?
Author: Ankur Saini

3. Vastu Tips For 4 Bhk Luxury Apartments In Bangalore East
Author: Aratt Alchemy

4. How To Choose The Best Real Estate Agents In Port Charlotte Florida
Author: vikram kumar

5. Tips On How To Sell Your Home In Venice Florida
Author: vikram kumar

6. How Do I Find The Best Southwest Florida Real Estate Agent?
Author: vikram kumar

7. How To Find The Best Englewood Florida Properties For Sale?
Author: vikram kumar

8. Play And Garden Areas Keeps You Hale And Hearty | Good Time Builders
Author: Nikhil Gattu

9. How Can I Sell My House Fast In Southwest Florida?
Author: vikram kumar

10. Buy Your Dream Home With The Best Real Estate Agents In Southwest Florida
Author: vikram kumar

11. Tips By Best Lacquered Glass Wardrobe Shutters In Bangalore - Artuz Interiors
Author: Grc Infra

12. How To Find The Best Apartments In Budigere Cross?
Author: Arattcityscapes

13. Grade A Building: Guide To Office Building Classification
Author: Property Thane

14. Godrej South Estate Okhla Floor Plan
Author: Ankur

15. Interior Ideas For Your New 3 & 4 Bhk Luxury Apartments In Old Madras Road
Author: Aratt Alchemy

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: