It is common for Texans to be in shock when they have their residential 2022 property tax appraisal notice in hand. Texas being the seventh state paying the highest property tax in the United States, homeowners, fortunately, have a chance to fight and lower their taxes.  This can be done by filing a property tax protest. The process is of course painstaking… but the results! The process of protesting begins in January and you are not too late to begin. Get to know how it works and start fighting to lower your property tax bill. During the informal hearing, an appraiser reviews your property value and proposes a reduced value. It is up to you to accept the value or move on to the formal hearing. Once you move on to the formal hearing you will be under a rapid-fire proceeding which will go long for about 15 to 20... Read More

Texans who are aged 65 or older or those who are disabled as per the Texas tax law can now postpone paying their current and their delinquent residential property taxes! This can be done by signing a property tax deferral affidavit at the HCAD office (Harris county appraisal district). During a news release, HCAD said that after an affidavit is filed, the taxes will be deferred and not canceled until, and unless, the property owner continues to qualify for the exemption. It is to be noted that the taxes accumulate with an interest of 5% every year. As per the law, tax deferral is extended to the surviving spouse of the person who deferred taxes on the homestead. However, the surviving spouse should be at least 55 years or older when the spouse died. The Chief Appraiser said homeowners who are 65 years or older or disabled should be sure... Read More

Those planning to become homeowners can now save thousands of dollars on property taxes this 2022! Yes, homestead exemptions help property owners potentially reduce their property’s taxable value. The new law that came into effect this January 1, 2022, offers property tax relief to homeowners by allowing them to file for homestead exemptions in the year they purchased the property, however, it has to be their primary residence. It was not the same last year, where homeowners had to wait until the next year to file for an exemption. According to Mary Crigler, Travis County’s Chief Appraiser, homestead exemptions saved property owners in TCAD an average of $1,126 on their 2021 property taxes, and today, property owners are likely to see even more reductions with the new changes in the laws and policies. She also said the new year is going to offer a chance for property owners to vote... Read More

Many companies during the pandemic have not been involved in buying equipment in the past year and have stepped into conserving cash. The upside is that the chances for companies to claim the same depreciation tax deductions as they have been during the previous years are very few. However, a cost segregation study can help you accelerate depreciation deductions which in turn result in reducing your taxes and increasing your cash flow. With the enhancements of depreciation-related tax breaks by the Tax Cuts and Jobs Act (TCJA), CSS benefits have increased when compared to the previous years. Instead of following the same old method of calculating the depreciation of an asset by dividing its value by 27.5 years, a cost segregation study divides a property into different components and helps the owner depreciate an asset over a shorter period of time. This in turn results in reducing the taxable income... Read More

Most homeowners have the question, “Do I get a tax break on the money I’ve spent?” on their minds when they are fixing up their homes. The answer differs based on the kind of improvements and how well the expenses incurred are tracked. In most cases, the money that is spent on the capital improvements such as adding an additional bathroom or a garage, or a satellite dish helps lower the property tax bill when selling a house. The money that is spent on home improvements can be categorized into two areas, the cost of improvements and the cost of repairs. The cost of improvements not only includes big items but also includes energy-saving home improvements. These improvements give you tax credits. The cost of repairs is not added to the basic cost. As per the IRS from the year 2018 to 2021 individuals can claim credits for the below:... Read More