Understanding the basicsProperty taxes are local taxes that are determined by the local officials. The property tax process starts off with valuing your property, setting your tax rate, and finally collecting your taxes.
However, the entire process is governed by Texas law. In Texas, property taxes are a major source of revenue and play a major part in offering government services when compared to any other source. The property tax collected is used to pay for the roads, streets, schools, police, fire protection, etc.
Property tax standards set by the Texas constitutionThe state constitution has set up a few standards for property tax. These include:
Equality & Uniformity:
This property tax standard makes sure that all properties are taxed equally and not even one single property pays more than its share.
Tangible properties to be taxed with a few exceptions at their market value as of January 1st:
The market value refers to the price at which the property would sell for without any pressure on the seller or the buyers’ side with regards to the price. The exceptions refer to parks, agriculture, timber, etc.
All properties are taxable unless federal or state law offers an exemption.
Right to notice:
Property owners have the right to receive a reasonable notice if the appraisal value of the property increases.
Properties in the appraisal district can have only one appraised value.
An overview of how the property tax system works?There are three major bodies involved in the Texas property tax system:
Appraisal District Set up the taxable property every year. The chief appraiser is responsible for its operations.
Appraisal Review BoardSettles disagreements on the value of the property between the taxpayer and the appraisal district.
Local taxing unitsDecide how much money to spend every year which in turn is used to determine the tax rate.
How does the process go?
Property tax season
The rights of a taxpayer
Know your optionsAs a taxpayer, if you feel your property is appraised more than the market value, or if you are not given an exemption, you can protest or you can take the case to the court.
Taxpayers have the right to speak out at public hearings when the elected officials decide on how to spend the taxes.
Along with your fellow taxpayers, you can limit your tax increases in an election.
The responsibilities of a taxpayerApply for exemptions before the deadline.
Check if the property is listed right in the appraisal records.
For business personal properties, make sure you render it every year to the chief appraiser.
Make sure your taxes are paid on time.
Seeking the help of a property tax consultantThe tax season can be a real burden for owners of residential or commercial property. But O’Connor can help you save on your property taxes this year. We do not bill you for court costs, appraisals, expert witness fees or legal fees. You pay us only if we reduce your taxes! Get in touch with one of our experts and you will know why we should be your first choice.
Know more @ https://www.cutmytaxes.com/
Social media influencers aren’t just good at peddling makeup, fast fashion, and travel destinations. In recent years, plenty of people, particularly millennials, have also come to rely on an influencer for real estate tips and investments.
If you’re trying to get into the real estate industry or just need to give your business a boost, you might find success by being a real estate influencer.
Rise of the Real Estate Agent InfluencerAccording to a recent study, 98% of respondents said that they turn to social media or review websites when considering a purchase while 84% reported that influencers actually made an impact on their purchasing habits. 80% said that they are open to hiring an influencer real estate agent.
The people surveyed noted that they considered three factors when choosing a real estate agent. These are (a) referrals from family and friends, (b) local reputation, and (c) knowledge of the local neighborhood.
How to be a real estate agent influencerSo many real estate influencers have built loyal followings and made piles of money from sharing high-quality informational and entertaining posts on social media. Here’s how you can become an influencer real estate agent too:
Find your best platformWhen you’re trying to sell real estate, visuals are crucial. To reach as many potential clients as possible, it’s a good idea to utilize as many social media platforms as possible. However, Instagram is undoubtedly the best platform for sharing photos, videos, and graphics. Here, real estate professionals can reach hundreds of millions of users, utilize features like location tags and dedicated hashtags, and capitalize on engagement rates that are much higher than what they can get on Facebook or Twitter.
Cash in on your interestsStick with your passion and monetize it. Even if your interests seem niche, you just might find that there are plenty of like-minded people who will help you build a loyal social media following. For example, who knew that an interest in decades-old fixer-uppers would help the lady who runs the Cheap Old Houses Instagram account build her own digital marketing business and achieve financial success?
Be authenticBe yourself. Stick with what you know and try not to completely sacrifice your personal interests for what’s hot and new. Be authentic in your interactions online and don’t force yourself to talk or post about things you don’t really care about.
Think about your “brand”What tone do you want your posts to have? What message do you want to get across? Do you want to be seen as witty, funny, opinionated, or brutally honest?
Before you start creating content and posting on social media, ask these questions. Who is your target audience? What do they want to see from you? How can you help them?
Build your audienceIt’s not enough to strategize and create. To build a strong social media following, you also need to engage with real people on social media, consider their feedback, and follow other users (including influencers) whose work or strategy inspires you. Try to obtain followers as organically as possible instead of buying fake followers or relying on other cheap tricks.
Being a real estate agent influencer isn’t always a walk in the park, but if you get it right, the potential to expand your real estate business will be worth it. Good luck!
You qualify for an over-65 homestead exemption the day you or your spouse turn 65. Other requirements are you must own the house and it must be your primary residence.
Most issues related to Texas property taxes are based on a January 1 date. The over-65 homestead becomes effective when you or your spouse turn 65. It is prorated for the first year based on the portion of the year you are 65.
Benefits of an over-65 homestead exemption include:
Homestead exemptions can be tricky. For complimentary assistance on homestead exemptions, call 713 290 9700. Reach us at www.poconnor.com
Commercial Real Estate News on Yield: What Is it & What Drives it in Commercial Real Estate?When you want to invest in commercial real estate, it’s important to learn about yield. In any kind of investment, you have to be aware if you will have any returns. This is what makes a business run well.
What do you need to know about yield? Can real estate or CRE loans help you start a business? What if you are running a nonprofit organization?
Below we discuss what is yield and how you can choose the right CRE loan. Starting a business is also learning how you can find financial help. Don’t be afraid to take risks so that you can succeed!
Find Out More About Yield in Commercial Real Estate NewsMany commercial real estate news discusses what is yield and why it matters. As a business owner, you should also know what factors affect your success
A yield is a way that you measure your future income. When you invest in something, you need to know if you’re earning money and not losing it. Property yield applied to CRE compared to capital growth rates. The amount you get from the return will determine the success of your business in the future.
It’s not that hard to calculate your business yield. You get it by dividing your annual rental income by how much you bought the property. Calculate the gross yield and the net yield for specific results. The former is everything before your expenses. The latter includes the running expenses.
Using CRE Loans in Nonprofit Organizations According to Commercial Real Estate NewsThings challenging with commercial real estate loans for nonprofit organizations. This is because most loans want to cater to businesses that gain profit. But that doesn’t mean that you can’t find any CRE loans for your nonprofit business.
By nonprofit, this means that you are spending on the organization but not earning money from it. There are private loans that offer to assist with funding gaps and develop your business. Another good option is to look for government assistance and grants.
Loans for nonprofit businesses might include:
Knowing yield is an important aspect of running a business. Commercial Real Estate Loans are available to help you reach your yield. By using Enriched Real Estate services, you are able to use various professional services. These commercial real estate property services help improve the way your business grows. Expect accurate data, faster delivery, and more profit once you get a hold of these services. The Guesstimate service can determine property value. This includes public data and comparable sales between the properties of your choice. Accuracy depends on the location and availability of information. With Guesstimate, you can check accurate data in your region and compare it with actual sales. The CARS System is also an Enriched Real Estate service. It is the most advanced commercial real estate appraisal report writing software available. You can streamline the appraisal process through its connection with National data.
ENRICHEDREALESTATE.COMProvides the highest quality and most detailed commercial real estate data, FREE, through crowdsourcing to supplement a national commercial real estate database with 32 million records.
Most tax appeals have a reasonable to good resolution. Between the informal hearing and the appraisal review board, there are two opportunities for reasonable people to review evidence.
George is a friend who purchased a house for $350,000. The house was a little different. The house was marketed for 2 years (this occurred 5 years ago). The house had been listed for $500,000, but there were no takers at that price. The price was gradually lowered to $350,000.
The sale occurred early in the year of the appeal deadline. An appeal was filed. The informal appraiser “did not understand” how a house listed at $500,000 could sell at $350,000. The appraisal review board also got stuck on the disparity between the initial list price and the sales price. So after the informal and appraisal review hearings, the house was valued at $485,000, just a token reduction.
People and System Freeze
Periodically, appraisers and appraisal review boards are discombobulated by large requests for reduction that seem reasonable, but they don’t quire understand. The fallback in these cases is to suspend analysis and revert to the noticed value or close to it.
What Can You Do?
Simply give a short presentation to the next Appraisal District Board of Directors. Most board of directors meet monthly. Call the appraisal district for the dates. Be polite, clear and respectful of everyone involved. The appraisal district staff will usually come see you immediately after your short presentation (usually limited to 3 minutes). You can then work with an experienced appraiser who is not afraid of exercising judgment. This almost always works, for legitimate errors that can’t be remedied through the normal channels.
Call us at 713 290 9700 or visit us online(www.poconnor.com ) if you have questions. Even if you are not a client, we will help you if we can. We are a service business😊