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In every state across the country, the majority of American property owners are required to pay real estate taxes. These taxes, usually referred to as property taxes, are vital for local governments because the funds collected are used to build and maintain the infrastructure and public services needed in the local communities. Generally, property taxes are used by the local government in order to fund school districts, police and fire departments, hospitals, road construction projects, and other local services.
A QUICK REVIEW OF PROPERTY TAXES
A property tax is a fee levied by the local government on property holders based on the assessed value of the owned property. The local government typically will appraise the property and determine the tax to be paid by the real estate owner; the amount of property tax is usually based mostly on the location and the assessed value of the property.
Property taxes are basically determined by multiplying the value of the property by a tax rate. Property taxes are paid by real estate owners to a county or other local taxing authority. If you have a mortgage, your property taxes are assessed and divided into monthly increments; these monthly amounts are then added to your monthly mortgage payment. (If you own your house outright and no longer have a mortgage to pay, you will receive a tax statement with your bill for any outstanding property taxes from your local tax office; this statement will arrive periodically throughout each year.)
Failing to pay your property taxes can result in a penalty from the county tax assessor, who can place a tax lien on your property. A tax lien, a legal claim against a property or other financial assets you own, is a financial obligation attached to the property that could end up causing serious issues, including possible foreclosure.
PROPERTY TAX REFORM IN TEXAS
In the state of Texas, the burden of real estate taxes is substantial and has been for some time. Texans have labored under exorbitant property taxes for a considerably long time, and are calling for aid. The hope is for a cut in property taxes to nearly half, as well as a redesign of the state tax system to protect taxpayers across the state as the taxes continue to skyrocket; reforms are being planned that will create a fairer tax system for all Texan property owners. Lawmakers in Texas currently are considering property tax relief measures after Gov. Greg Abbott was called upon to make it a priority agenda item for the special legislative session which began on July 8. (This special session will last for 30 days, with the possibility of a 30-day extension to address a plethora of state issues.)
According to an article written by Bethany Blankley in the Tyler Morning Telegraph, the Governor “… may use federal COVID relief money to pay down property taxes, some have speculated, but the governor’s office has not confirmed this.” As property taxes continue to increase due to soaring property appraisal amounts, Texas Representative Hugh Shine has filed property tax relief bills in Congress; he is working on the reform bills with Representative Donna Howard and state Senators Paul Bettencourt and Lois Kolkhorst. This band of lawmakers aims to provide legislation that will see Texans attain lower property tax bills now and in the future; hopefully, these legislators will jumpstart plans for real estate tax relief from surplus funds collected by local governments across the state in 2020, and the complete elimination of school property taxes down the line. Texan lawmakers feel that these reform bills will help address the problem of local governments basically taxing citizens of the state out of their homes.
Brad Johnson of THE TEXAN recently reported that three property tax reform bills were passed by the Texas Senate the week of July 11. The bills that passed will help homeowners for first-year homestead exemptions and those who are over age 65 or disabled. Now that these pieces of legislation are ready for the Texas House to engage them, though, there is a problem: Texas House Democrats have gone to Washington, D.C., and will likely remain there through August 7, allowing those reform bills to die when the special session expires. Senator Paul Bettencourt of Houston who co-authored the bills understands that the House might not be able to further address these reforms before the special legislative session ends; he stated, “I will file [the bills] again and again until the House Democrats return to the Call of the Governor for a special session to get tax relief for the people of Texas.”
If you have questions about your property taxes or need to make a real estate tax payment in Nueces County, you can contact the county tax assessor’s office for assistance. (If you live in Corpus Christi, but outside of Nueces Country, contact the tax assessor’s office specific to your county for more information.) Your local tax assessor’s office can provide the exact details of the property tax payment options available in your county.
If you are interested in buying or selling a new property, you should first become aware of the various responsibilities of being a property owner, including understanding real estate taxes. If you need guidance or advice, consulting a professional real estate agent is the best course of action you can take. To discuss the wide-ranging facets of owning property along the Gulf Coast of Texas, including learning more about real estate taxes, WEICHERT, REALTORS® – The Place of Houses is the professional real estate team to call. This Corpus Christi, Texas-based company employs experienced, dedicated real estate specialists who will provide exceptional support to their clients, whether buying or selling property. Contact WEICHERT, REALTORS® – The Place of Houses at any time, by way of their website, via email, or by phone at 361-882-5588, so the expert real estate team can help you to find your new home and understand your role as a property owner.