Property tax and timing of assessment - Travis County (West: sales, 2013)

[Idlewile]

I know I should know this by now, guys, but I cannot locate the info on the Travis County Tax site either. Help please

WHEN during the year are homes assessed?
WHEN during the year does the newest assessment appear on your tax bill/monthly payment?

We will likely buy a home this March for a lot less than what it was assessed at for 2011 -- this difference will be substantial. How long will we have to pay the old tax amount before we can use our March sales price as the new appraised value?

[FalconheadWest]

The new assessments are mailed out the end of April thru the first week of May. The value is set based on Jan 1 sales. After receiving the assessment in May, you have 30 days to fight it. The tax bill goes out in October and is due Jan 31 of the next year. Best to pay by Dec 31 if you want the write-off on that year's taxes.

[Idlewile]

Originally Posted by FalconheadWest

The new assessments are mailed out the end of April thru the first week of May. The value is set based on Jan 1 sales. After receiving the assessment in May, you have 30 days to fight it. The tax bill goes out in October and is due Jan 31 of the next year. Best to pay by Dec 31 if you want the write-off on that year's taxes.

Thank you, exactly what I was seeking So, I assume we can't fight it with our new sales price until next year?

Also, will we actually need to fight it or will they automatically use the our purchase price in 2013?

[CarnivalGal]

Originally Posted by Idlewile

Thank you, exactly what I was seeking So, I assume we can't fight it with our new sales price until next year?

Also, will we actually need to fight it or will they automatically use the our purchase price in 2013?

Yes, you can fight it with the new sales price. And yes, you will need to actually fight it. Texas is a non-disclosure state, so TCAD doesn't get sales price info.

[FalconheadWest]

You can fight it for this year's tax. You don't need to wait, as long as you own the property when the assessments go out.

[Idlewile]

So closing by mid April, at the latest, is the key here. Wow, that's great info to have.

Then we just fight it with our closing docs come May we'll be in good shape. Thanks for the details!

[TexasHorseLady]

Does the house have a homestead exemption on it? (Has the seller been living in it and did they claim the homestead exemption?) If not, you have to be living in the home on January 1 in order to qualify for the current year. If it does, the taxes will be figured based on that and you can apply for your own homestead exemption next January.

[Idlewile]

Originally Posted by TexasHorseLady

Does the house have a homestead exemption on it? (Has the seller been living in it and did they claim the homestead exemption?) If not, you have to be living in the home on January 1 in order to qualify for the current year. If it does, the taxes will be figured based on that and you can apply for your own homestead exemption next January.

Well, it depends on which house we go for; one has been vacant since late fall, owners moved away. The other is still occupied. We may be more interested in the occupied one; makes sense that we couldn't take the homestead exemption for ourselves until next year. BUT if we pay 40K less for the home than what it's currently appraised as (and prove it come May) do we see the difference in amount of escrowed monthly taxes immediately this year OR not until 2013?

Sorry, I'm easily confused with this stuff; truthfully, I never much cared about our property taxes when they were .72%.

[jbstx]

I have friends who purchased new construction in April 2011. They did receive a credit from the builder at closing (prorated). However, they have not received a tax bill and as such never paid any taxes to the county. They called the tax office who told them that if they didn't get a bill, then they don't owe any money. We called the title company to get their thoughts and confirm that the deed was filed. We received confirmation it was filed. However, their account does not show up on the online tax records at the Travis County Tax Office. They do, however, show up on the Travis County Appraisal District records.

The gal at the title company said that when they get their tax bill in October it will be for 2011 taxes. She said that they pay property taxes one year in arrears. My friends are confused b/c they just received a notice Of Appraised Value related to the 2012 tax year.

Any thoughts?

[TexasHorseLady]

The tax valuation is as of January 1 of 2012. The taxes are based on that, but the taxes are not due until January 31, 2013.

It's possible that the tax bill in fall, 2011, was sent to their lender (who would actually pay the taxes) and a copy either wasn't sent to them or went astray.