This is going to be my first year in my life paying my property taxes. I bought the home for about 111k, but they assessed the full value for the taxes, which is 156k I believe. My brother suggested that since I bought the house this year I might be able to pay the county (Tarrant County in Texas) taxes on only 111k this year. Is this at all possible, and are there any other ways to reduce my property taxes?
A little bit of info: I claimed the house as my primary residence. I live alone, am single, and have no kids.
Also, is there a financial adviser I could call to talk to about this issue? If so, where in the yellow pages would I look for such a person? Thank you.
2007-11-15 02:21:01 · 3 answers · asked by Issac Rangel 3 in Business & Finance ➔ Renting & Real Estate
Most municipalities have strict rules and deadlines for getting a home re-appraised. Usually they publish a calendar on their web site.
Most likely you will have to pay property taxes on the $156k this year. Next year make sure that you challenge their assessment by the date published to try and get it reduced. They may require a full fledged appraisal or some justification paperwork.
Your brother is wrong. If you try to pay the county taxes based on $111k they will consider you late and could even sell your house at a tax sale to recover their money.
I have never lived in a state that had a homestead exemption, so I can't tell you what that's all about, I just know that in state's like TX with no state income tax, they get their money from you somehow :-(
It isn't worth hiring anyone to do this for you. Call the county, find out the process of grieving your assessment and do it. It might not take until next year though!
good luck!
2007-11-15 06:47:41 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
You have to pay what they say it's worth, not what you paid for it. Sorry.
Check with the county to see if you have a homestead exemption, which reduces the price you are assessed at.
Also, if you think your home is over valued, get an appraisal done and show the county the real market value & try to negotiate. It's worth a shot.
2007-11-15 03:10:07 · answer #2 · answered by Casie 4 · 0⤊ 0⤋
You might check in to filing a mortgage exemption or a homestead exemption. Either will reduce your property taxes. It doesn't make any difference what you paid for the home. You pay taxes on what the assessment value is.
2007-11-15 02:26:32 · answer #3 · answered by Anonymous · 2⤊ 0⤋