Texas Property Taxes Can Be Deferred Under Certain Conditions

Texas Property Tax Info, Tips, & Lesser Known Facts #1:

• If you are a homestead homeowner age 65 or older or disabled, you may defer or postpone paying any property taxes on the full taxable value of your home for as long as you own and live in it. To postpone your tax payments, you must file a tax deferral affidavit with your appraisal district. This deferral applies to all property taxes of the taxing units that tax your home. A tax deferral only postpones your tax liability. It does not cancel it. Interest on the amount due accrues also. Past taxes and interest become due 181 days after you, or your surviving spouse, no longer own or live in the home that you qualified as a homestead. Any penalty and interest that was due on the tax bill for the home before the tax deferral will remain on the property and become due when the referral ends. You may abate a delinquent tax lawsuit by filing this affidavit with the court. You may stop a pending tax sale by filing the affidavit with the officer conducting the sale and the appraisal district, taxing unit or taxing units delinquent tax attorney. You can still pay on the balance of the taxes due at anytime and not lose deferral status. Property with a trust may still be eligible for deferral status. Most likely home equity loans will not be available to property currently active in property tax deferral status. The form50-126 and can be found online http://www.comptroller.texas.gov
• www.taad.orgis a link that takes you to the Texas Association Of Appraisal Districts webpage where you can find out location and contact info on your local district, state tax legislation status, individual CAD websites for where you live
• Current Tax Levy Follows Four Phases: 1. Appraisal ( valuation of property ) 2. Equalization ( protest period ) 3. Taxation ( assessment ) 4. Collection ( payment )
• Appraisal Districts in each county sets the value of your property each year. Local taxing units elect the directors and fund the appraisal district based on the amount of taxes levied in each taxing unit. Use this link directly below to find out more details and information about the uniform standards of professional appraisal practice: https://www.appraisalfoundation.org/imis/taf/standards/q_as/taf/qas.aspx
• Local Taxing Units including the school districts, counties, cities and special districts, decide how much money they must spend to provide public services. Property tax rates are set according to the taxing unit budgets. Some taxing units have access to other revenue sources, such as local sales tax. School districts must rely on the property tax, in addition to state and federal funds.
• Property taxes are payable in October, due in January, and become delinquentin February
• Maximum 10% increase per year increase on a homestead ( valuation )
• To qualify for the general residence homestead exemption an individual must have a ownership interest in the property and use the property as the individual's principal residence. A applicant is required to fill out and file form 50-114 Residence Homestead Exemption Application with the appropriate parties to receive the exemption. You can find the form online: http://www.comptroller.texas.govAn applicant is required to state that he or she does not claim an exemption on another residence homestead in or outside of Texas. A homestead includes the house and the land used as a residence, not to exceed 20 acres. You may not receive a homestead exemption for more than one property in the same year. It can be a separate structure, condo, or manufactured home located on leased land, as long as you own the home itself. If you temporarily move away, you can still receive an exemption as long as you intend to return and do not establish another principal residence. ( " Temporarily " generally means an absence of less than 2 years. An absence for military service or stay in a facility providing services related to health, infirmity or aging, however, may be longer. Such as a nursing home if you intend to return and occupy it as your principal residence, even if you are away indefinitely.
• Consult professional tax or attorney council of which I am not, and or research further yourself for there are too many details to list in a short blog.

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