Lowering Property Taxes in Dallas, Texas?

Question

Hello,
I just got married 2 months ago. My wife attends Denal school (on loans) and I am a full-time engineer. My wife's parents purchased a condo unit about 2 years ago, thinking that we would take over the payments once we got married. Her parents live in Nevada and I know that they paid around $3500 worth of taxes last year. The condo was appraised at $120,000.

My question is once my wife and I take over and transfer the property title and payments from her parents who live in Nevada, what exceptions can we possiblly claim to lower our taxes? Neither of us have ever owned property (first time buyers) and we do not have any children. We are both permanent residents of Texas (Dallas) and she is a full-time student. Is there anything you can think of to help lower this huge tax on us?

Any information would be greatly appreciated!!

Answer 1

blaiseshimmer's answer was doing fine until she said that condo fees can be deducted - if she's talking about from your income tax, you can deduct mortgage interest and real estate taxes once the title and loan are transferred to you, but NOT condo fees.

Answer 2

Check to see if you qualify for a Homesteader's exemption; as long as it is the only home you own, it will bring down the annual cost. And no offense, but a $3500 tax bill is pretty decent, something that you as a f/t engineer should be able to save for (it's what, about $295/month?) Also check with a real estate attorney or accountant, since condo fees can be deducted, too.

oops, didn't know about the condo fees...

Answer 3

Wow, there is a few intense guidance lacking! in case you purely offered the abode, the letter is probable from a enterprise who provides to decrease your taxes for a value that's some thing you're able to do on the county tax assessors place of work for unfastened. it does not be from the assessors place of work yet. once you have been working with your agent they could desire to have knowledgeable you which ones is maximum often no longer carried out. The tax would be based on the acquisition value. whilst escrow closed you signed a form asserting the information on the transaction that's how the assessors place of work will discern your taxes. until you purchased your place for precise greenback and now they are advertising for $50,000 to $one hundred,000 much less there is not any possibility they are going to be decreased heavily and this is probable "junk" mail.