Property taxes weigh heavily on homeowners throughout Texas, presenting a considerable financial burden. In this article, we’ve teamed up with the property tax specialists at Gill, Denson & Company to offer our readers a better understanding of Texas property taxes and advice on how to reduce them. Our aim is to empower you with the knowledge of your rights as a property owner and to provide actionable steps for navigating the protest process efficiently.
Why Are Property Taxes in Texas High?
Before delving into potential remedies, it’s crucial to grasp the underlying reasons why property taxes in Texas tend to soar compared to other states:
1. Lack of State Income Tax: Texas is among the minority of states in the U.S. that do not impose a state income tax. As a result, local governments lean heavily on property taxes to fund essential public services like education, infrastructure, and public safety.
2. Decentralized Governance: Texas embraces a decentralized governance structure, granting significant autonomy to local entities such as cities, counties, school districts, and special districts in setting property tax rates. This decentralized control often leads to disparities in property tax rates across different regions within the state.
3. Escalating Property Values: Texas has experienced remarkable population growth and economic expansion in recent years, driving up property values. Even without adjustments to tax rates, rising property values can result in higher property tax assessments.
Strategies to Lower Texas Property Taxes
Now, let’s explore actionable strategies to alleviate the strain of your property tax burden:
1. Leverage Exemptions: Texas homeowners have access to various exemptions designed to reduce property tax liabilities. The homestead exemption, in particular, offers substantial savings for primary residence homeowners. Additionally, exemptions are available for seniors aged 65 and above and disabled veterans. Be diligent in applying for all eligible exemptions before the April 30 deadline to maximize savings.
2. Initiate a Protest: Every Texas property owner retains the right to challenge their property tax appraisal. This involves presenting evidence demonstrating that the property should be valued lower than assessed by the appraisal district. Protests are reviewed by the Appraisal Review Board (ARB), and it’s essential to file your protest with the appraisal district before the May 15 deadline or within 30 days of receiving your appraisal notice. Stay informed of all pertinent property tax protest deadlines!
3. Seek Professional Assistance: Navigating the property tax protest process can be complicated and intimidating. Consider engaging a reputable property tax protest firm like Gill, Denson & Company to handle the process on your behalf. Through our partnership, they are offering a discounted rate of 25% of actual tax savings to our clients and visitors. Moreover, you’ll incur no charges if they do not reduce your taxes, making this a win-win service. Redeem this offer by visiting their website and utilizing the discount code WILLINGHAM when signing up online. If you hire a professional firm, they will file your protest for you, collect all the evidence and help you obtain all your exemptions!
By implementing these strategies and tapping into expert assistance, you can potentially reduce your Texas property taxes!