Q: What’s the best advice that a property tax consultant can give a property owner?
A: Protest your property value every year.
Sure, no one likes to pay property taxes. Hey, let’s be honest, no one likes to pay taxes in general. Honestly, it’s frightening when you add up your actual tax expenditures it seems WAY out of control. Between property taxes for property owners, income taxes for those of us employed, capital gains taxes for people with investments, sales taxes for those of us engaged in commerce, and all the hidden taxes that we just don’t see or know about…it just seems like too much.
So, what can we do in order to help keep these expenditures to a minimum? Well, you could quit your job, live off the land by growing your own food and sewing your own clothes, and engage in absolutely no commerce whatsoever. That’s really sticking it to the man! Well, good luck with all that.
Honestly, while most taxes are just taxes and we’re stuck with them…good luck trying to get your local sales tax rate lowered or convincing the IRS into giving you an exemption because you’re a “good person.” But when it comes to property taxes you do have recourse. Through Texas Property Tax Code, property owners (Commercial, residential, Business Personal Property etc.) are afforded an opportunity, annually, to protest the value of these properties. Obviously by lowering the taxable value, if successful, you’ve lowered your property tax burden. As property tax consultants, we would highly recommend that you file a protest every single year in order to assure yourself fair and equitable taxation. Even if you garnered a reduction on your property value the previous year through the protest process, each tax year stands on its own. Therefore, you might actually have a shot at lowering your value again based on that year’s market data.
So, whether you hire United Paramount Tax Group to represent you at the appraisal district, you do it yourself or hire another firm to represent you, we strongly recommend that you exercise your right as a property owner to protest your property value each and every year. Your pocketbook will thank you.