Can anyone tell me about the property tax? (income, limit)

[Walsr014]

Thanks for all of the helpful information. In Louisiana, our property tax is added into our monthly mortgage payment. Is this the same in Texas or do you typically just owe at the end of the year?

[WRM20]

Originally Posted by Walsr014

Thanks for all of the helpful information. In Louisiana, our property tax is added into our monthly mortgage payment. Is this the same in Texas or do you typically just owe at the end of the year?

That depends on your mortgage company. If you have escrow, the taxes are collected monthly, held by the mortgage company, then paid to the tax assessor in December or January. If you qualify, usually because your loan is less than 80% of the value of the property, you can pay your own taxes. We escrow, because it's easier, and our mortgage company, so far, has under escrowed, and then given us the rest of the following year to make up the shortfall.

[crone]

Originally Posted by houstongal22

Most of the time the appraised value reported in public records is lower than the home value. Most people don't pay attention or they do but don't know what to do about it. In this specific case after you buy(if you do) and receive your tax bill. You are given a period of time to contest it. Texas is a Non-Disclosure State so most likely they don't have your purchase price. Also, I heard from a few clients that they received a form to new buyers asking for the sales price of the home. You may want to disclose your purchase price then and hope they change it or appear to contest to make sure it's considered. I would ask for a copy of the appraisal and keep it handy for that meeting. Good luck to you

HCAD has access to the real estate sales. They know what you paid for your house.

Shortly after closing the buyer and seller will be mailed a form asking what price you sold for or what price you paid. Throw them in the trash.

If they value your house for less than you paid, contest it and provide the closing statement. They will adjust to the sales price.

I even got mine down 35000 less than I paid by saying dumb me had been taken advantage of by a fast talking real estate agent. Whatever works.

[Walsr014]

Thanks for all of the responses. If you move to an area with a MUD tax, is that included in your taxes for the year on the accessors website or is that additional on top of that ammount?

[WRM20]

Originally Posted by Walsr014

Thanks for all of the responses. If you move to an area with a MUD tax, is that included in your taxes for the year on the accessors website or is that additional on top of that ammount?

Depends on the MUD. Some get their taxes collected by the County assessor, others collect their own or get some company to do it for them.

[kreeyax]

Originally Posted by Walsr014

Thanks for all of the responses. If you move to an area with a MUD tax, is that included in your taxes for the year on the accessors website or is that additional on top of that ammount?

Get ready for that $10K+ property tax bill every year if you're in a MUD/WCID. It stings. We don't escrow and it's no fun writing four checks every December.

[Walsr014]

It's definitely not ideal, but after doing the math it looks like our total tax bill will be a little less than it is in LA. Plus, hopefully we won't have to foot the bill for private school. Trying to stay positive.

[Clever nickname here]

Keep in mind that unless you have a top 10% income your property taxes will be deductible from your federal income taxes.

[PinkLadyK]

Originally Posted by Clever nickname here

Keep in mind that unless you have a top 10% income your property taxes will be deductible from your federal income taxes.

I don't think this is right.

[piespies]

Originally Posted by PinkLadyK

I don't think this is right.

Agreed.