Austin Property Taxes Increase for Second Year
History depicts that Egyptians were the first civilization to record taxes owed in a time when tax collections were not in the form of money but were items like livestock or oil. Thousands of years later, property taxes were issued in the great state of Texas in order to support the new republic. Since that first enactment, taxes have never ceased.
In 2014, Austin property taxes rates are increasing for the second year in a row. With a strong economy and job growth rate, the housing market continues to appreciate. According to the Travis County Appraisal District, commercial and residential property tax values will total $124 billion – a 15% increase from the previous year.
The deadline to protest your taxes is May 31st. According to the appraisal review board, you can protest your property taxes if:
- the proposed value of your property tax is excessive
- your property is valued unequally compared to other similar property in your district
- the chief appraiser denied an exemption
- the chief appraiser denied a special appraisal
- the records show an incorrect owner
- your property was incorrectly included on the appraisal record
- your property is being taxed by the wrong taxing units
- you failed to received a notice that the law required to be sent
- any action taken by the appraisal district that applies to and adversely affects you
Benjamin Franklin said it best, "In this world nothing can be said to be certain, except death and taxes." Well there is an upside to all this and that is it is your right and privilege to protest your property taxes every year, regardless of how much or little they fluctuate.
We have utilized the services of Five Stone Tax Advisor and highly recommend them to our clients. They are a great company that will be an advocate for you. They only get paid if you save in property taxes and they give back a portion of the profits made. Check out their website Let Five Stone Help for more information.