Home owners spend an average of about 1.4 percent of their home’s
value (or around $2,800) on annual property taxes. But in some areas,
that number is much higher.
Home owners in New York, New Jersey, and Colorado, pay more than five
times the national average, according to a new study of the average
real estate taxes paid on single-family housing in 2012, conducted by
Zillow. The study...
a Home With Unpaid Real Estate Taxes Is Risky
If you’ve been looking for a home but find yourself frustrated by high prices or the lack of homes
on the market, you may find yourself lingering over ads for properties sold at
a tax-sale auction. While all real estate transactions come with a “buyer
beware” label, the warning sign should be larger when it comes to pu...
Your property taxes may go up significantly this year. If your only home is your homestead and you made no improvements, the increase in the taxable value of your home is limited by law to 10% per year. However, the taxable value on second homes and investment properties which is based on market value may have increased by 20% or more in Harris County from 2013 to 2014.Whether your homestead makes...
claiming a home office deduction should make sure their “home work” is
in order before turning in their “assignment” to the Internal Revenue
Service (IRS) for “grading.”“A
home office needs to be used on a regular basis,” said Dr. Jerrold
Stern, research fellow with the Real Estate Center at Texas A&M
University and professor of accounting at Indiana University.
With the initial Tax Filing Deadline coming up tomorrow, on April 15th, purchasers of second homes should be aware that, according to the IRS, taxpayers who are married and filing jointly can’t deduct interest on more than a combined total of $1 million of “home acquisition debt” for a primary and a secondary residence.Taxpayers also may deduct up to a combined total of $100,000 of home-equity deb...
It's hard to believe but true: More than 5 million Americans eligible to receive a big tax break from the government miss out on it, according to the IRS.They're eligible for the Earned Income Tax Credit—but they need to file a tax return to get it. The credit is designed to reward work and can offset federal taxes owed or create a tax refund, depending on the filer's circumstances.Nearly 26 milli...
The district is advising property owners that Houston’s
booming economy is going to have an impact on property values for 2014.
“Property values across most of the property types are
increasing,” said Sands Stiefer, chief appraiser. The property types include
residential, commercial (apartments, office buildings, retail, medical offices,
hospitals, hotels, warehouses) and in...
How Do I Appeal a Property Tax Assessment
QUESTION: I just received my property tax bill in
the mail and it shows a new assessed value for my property, so my taxes are
higher. What does a tax assessor do? How does a tax assessor determine property
values? Can I appeal the assessment?
ANSWER: While no one likes
to pay a bigger property tax bill, the silver lining to getting...
HOMEOWNERS: It's time to fight your taxes! Every year, about this time, your County Appraisal District will mail out the newly assessed taxable values of your house. You want these values to be as low as possible, so you pay less home taxes. You should be fighting these every year. You can hire a company or you can fight them yourself. Your REALTOR (Me) has the data to help you fight them yourself...
It almost that time. Better get them taxes together if you haven't yet. Here are some tips that may help.As you calculate your tax returns, consider each home tax deduction and credit you are — and are not — entitled to. Running afoul of any of these nine home-related tax mistakes — which tax pros say are especially common — can cost you money or draw the IRS to your doorstep.Sin #1: Deducting the...
Property Taxes - As a homeowner, you are
responsible for paying annual taxes on the property you own. Often,
these taxes are bundled into your monthly mortgage payment and held in
an escrow account, and the mortgage company pays them for you each year.
If you choose to pay taxes this way, be prepared for your mortgage
payment to be a little higher each month to cover taxes.Home Insura...
In hopes of curbing sticker shock, the Harris County Appraisal District has a reminder for property owners this year: The Houston-area housing market is really hot right now.
This January, a few months before it began mailing out property value notices - an indication of how much will have to be paid in taxes later this year - HCAD placed a big, blue box front and center on its website that conta...
This article was originally published on January 30, 2014 at houselogic.com. It was written by G.M. Filisko who is an attorney and award-winning writer. A frequent contributor to
publications including Bankrate, REALTOR Magazine, and the American Bar
Association Journal, she specializes in real estate, personal finance,
and legal topics.As you calculate your tax returns,
The energy property tax credit does more than just lower what you owe on your taxes. It also helps cut energy costs, reduce pollution, and create jobs. Image: David Papazian/Brand X Pictures/Getty Images