How High Home Price Sales in 2021 Will Affect Property Tax Bills in 2022
Last year’s house price hike affected 2022 and 2023 property tax bills
— Trey Rome, Founder and CEO of HTS
DALLAS, TX, USA, Feb. 22, 2022 /EINPresswire.com/ — Over the past year, the topic of dining tables and water coolers has been soaring home prices. Whether people decide to buy, sell, or stay, they are still responsible for paying the increased property taxes that come with rising property prices.
For 2022 taxes, the market value of a home was set as of January 1, 2021. However, home prices in North Texas and many other cities across the United States have increased – with the median price in North Texas about $310,000. . According to data from local realtors, the cost of a previously owned single-family home in North Texas has increased more than 50% in the past five years. Homeowners will more than likely face even higher property taxes next year.
If property owners want to get an idea of what their tax bill would be like, they can visit their local tax collector’s webpage to research their property. Property taxes are calculated by multiplying the taxable market value of a home by the various tax rates. Another way to manipulate property tax bills is to set tax rates for each taxing jurisdiction that are voted on annually by local elected officials.
Texas property tax expert Trey Rome, founder and CEO of Home Tax Solutions, advises all homeowners to do the following to help keep their property taxes as low as possible:
1. Make sure the owners have applied for homestead exemption with their county for their place of residence. This significantly reduces a homeowner’s tax bill.
2. If a home was purchased within the last two years and the County Assessment District (CAD) values are above the actual contract price, owners should bring their contract to the Assessment District and they will honor almost always the contract price.
3. If an owner’s improvement values have increased (without any substantial new renovations or improvements), the owner has good reason to reduce the values.
4. If homeowners decide to protest their property taxes and are like most people and don’t have time to protest the taxes themselves, hire a reputable property tax protest company, and they will automatically protest your taxes each year. Most are contingent and only take a percentage of the savings a homeowner will save on their property tax bill.
5. Below are some of the options homeowners have if they are having trouble paying their property tax bill:
-Select a county repayment plan, but interest rates are 1% per month (12% per year) and consecutive payment plans are not available. Additionally, if a payment is missed with the county, fees, penalties, and interest will be assessed retroactively, and the owner’s property will immediately be sent for collections.
-Pay the property tax with a credit card. However, consider the high interest the owner will pay; most credit card interest rates are astronomical.
-Enter into a repayment plan with a private property tax lender with great reviews and excellent BBB ratings like Home Tax Solutions. Property tax lenders offer flexible and affordable plans that provide relief to pay taxes and stop county accrued fees and penalties.
Trey Rome suggests owners do their homework and be prepared. For more information, visit www.hometaxsolutions.com
Home Tax Solutions (HTS) offers property tax payment plans in Texas. Based in Dallas, with offices in Houston, San Antonio, Austin and McAllen, HTS was founded to help homeowners and landlords protect their property from exorbitant tax fines and foreclosures. With a team of real estate experts and property tax lenders who collectively have over 159 years of experience, HTS is able to easily tailor a solution to their clients’ needs. Home Tax Solutions has repeatedly achieved A+ BBB ratings for four consecutive years. For more information, please visit the company’s website at www.hometaxsolutions.com
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What Happens to Property Taxes When Home Values Go Up