Proposition 1

 

Proposition 1 passed with 86% of the vote!

 

What does this mean for you?   2 things:

 

1.  Less TAXES (Homestead exemption increased from $15,000 to $25,000 in appraised value)

2.  Real estate transfer taxes are prohibited

 

WIN/ WIN

2014 Property Tax Appraisals

2014 Tax Appraisals are coming out, if you need help protesting or have any questions fell free to give me a call!  I'll be happy to help you!

Tax Tip!

Don't forget to deduct your mortgage interest on your taxes. You can deduct interest on your primary residence and a second home, if it's used primarily for personal use. The deduction is only good for up to $1 million in combined loan balances. You can also deduct interest on home equity loans and lines of credit with limits up to $100,000.

Notice of Appraised Value

Many homeowner's have opened their mailboxes this week to find a nice little note from the county appraisal district. They have just sent out their 2011 Notice of Appraised Value. The higher your appraised value on your property= the more property taxes you pay. The appraisal district is hoping that you will fall into the category of the 95% of homeowners that just accept whatever value is put on their property. If you feel that your property is overvalued or just want to double check it feel free to call or e-mail me, give me your address and I'll check it out.

The protest process is pretty simple, however most homeowner's just don't take the time to do it. Never, ever, EVER pay one of those companies to do it for you!

If you purchased your home within the last year and your appraised amount exceeds what you paid for the property lowering your tax bill can be as easy as sending the appraisal district your HUD closing statement.

Let me know if I can help you out, I'd be happy to do so!

Before you file your taxes

Make sure that you are taking advantage of all of the tax credits for energy efficiency. Did you buy a new AC unit? Install some additional insulation? Install a new water heater? Windows? Doors? You can qualify for energy efficiency tax credits. For items completed before December 31, 2010 you can get 30% of the cost up to $1500. Here is the website for more info: http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

Home, Home on the Range

If your home is your primary residence, be sure that you have filed for your Homestead Exemption. If you purchased your home in 2010 and the previous owners had a homestead exemption on the property it must be renewed. Sometimes the appraisal districts will send the application to renew the exemption, but it's easy to get lost in the shuffle of all that junk mail.

I've made it super easy for you. Just click below on the county that you live in and it will get you exactly what you need:
Tarrant County
Parker County
Hood County

Once you've filed, you do NOT need to refile every year. You're set for the time you own the property, as long as it remains the main place you call home!

Some of you are wondering what is a Homestead Exemption do for me anyway? If your home is valued at $300k by the appraisal district the Homestead Exemption takes $15,000 off of the appraised value of your property for the school district taxes. Which means you would be taxed on a value of $285k instead of $300k. The school district taxes vary by school district but based on 1.5% of school district tax and the numbers above it would save $225 per year!