Five Frequent Questions About Property Taxes

Five Frequent Questions About Property Taxes

It's that time of year again and we as agents are constantly getting asked these questions so I thought I would share them with you.

Here are five property tax questions you need to ask.  

1. What is the assessed value of the property?
 Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information. Please note that tax appraisal value is NOT the same as a bank appraisal value which is generally higher or market value.  Please consult with your agent to best determine your home's current market value. 

2. How often are properties reassessed, and when was the last reassessment done?
In general, taxes jump most significantly when a property is reassessed. This not necessarily done every year.

3. Will the sale of the property trigger a tax increase?
The assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.

4. Is the amount of taxes paid comparable to other properties in the area?
If not, it might be possible to appeal the tax assessment and lower the rate.

5. Does the current tax bill reflect any special exemptions that I might not qualify for?
For example, many tax districts offer reductions to those 65 or over.

I hope this information has been helpful and that you will give me the chance to represent you and save you money in your next real estate transaction. If you have any questions, my contact information is below. Thanks for your time and I look forward to assisting you with your real estate needs. 

Sherry M. Cabrera, Realtor®
JP & Associates Realtors
5700 Tennyson Parkway, Suite  170
Plano, TX  75024

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Phone: 940-368-1306
Dated: June 10th 2014
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About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...

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