Those planning to become homeowners can now save thousands of dollars on property taxes this 2022! Yes, homestead exemptions help property owners potentially reduce their property’s taxable value. The new law that came into effect this January 1, 2022, offers property tax relief to homeowners by allowing them to file for homestead exemptions in the year they purchased the property, however, it has to be their primary residence. It was not the same last year, where homeowners had to wait until the next year to file for an exemption. According to Mary Crigler, Travis County’s Chief Appraiser, homestead exemptions saved property owners in TCAD an average of $1,126 on their 2021 property taxes, and today, property owners are likely to see even more reductions with the new changes in the laws and policies. She also said the new year is going to offer a chance for property owners to vote... Read More

Many companies during the pandemic have not been involved in buying equipment in the past year and have stepped into conserving cash. The upside is that the chances for companies to claim the same depreciation tax deductions as they have been during the previous years are very few. However, a cost segregation study can help you accelerate depreciation deductions which in turn result in reducing your taxes and increasing your cash flow. With the enhancements of depreciation-related tax breaks by the Tax Cuts and Jobs Act (TCJA), CSS benefits have increased when compared to the previous years. Instead of following the same old method of calculating the depreciation of an asset by dividing its value by 27.5 years, a cost segregation study divides a property into different components and helps the owner depreciate an asset over a shorter period of time. This in turn results in reducing the taxable income... Read More

Most homeowners have the question, “Do I get a tax break on the money I’ve spent?” on their minds when they are fixing up their homes. The answer differs based on the kind of improvements and how well the expenses incurred are tracked. In most cases, the money that is spent on the capital improvements such as adding an additional bathroom or a garage, or a satellite dish helps lower the property tax bill when selling a house. The money that is spent on home improvements can be categorized into two areas, the cost of improvements and the cost of repairs. The cost of improvements not only includes big items but also includes energy-saving home improvements. These improvements give you tax credits. The cost of repairs is not added to the basic cost. As per the IRS from the year 2018 to 2021 individuals can claim credits for the below:... Read More

Yes, you read it right! Texans can expect to see a lower tax bill in 2022. This could be the result of the tough political climate. According to Senator Paul Bettencourt, the value of a house that is around $300,000 will be able to save around $200 in 2022, according to Bettencourt’s office, no matter the property tax rate varies in each school district across Texas. But how? The money from the state tax surplus will help in reducing the 2022 Texas property tax bill. With that being said, a minimum of at least $2 billion is being expected to be sent to the independent school districts in Texas. The county appraisal districts are expected to reduce the property tax rates for homeowners by 3.3 cents which in turn will help Texans save on their property tax bills. Why is it happening? During the last week of September, Governor Abbott... Read More

Companies that operate in the United States or companies that have tangible business personal property in the state must pay annual property tax returns. These returns include listing the year the BPP was acquired and the first cost of the asset. Many people are not aware of the fact that taxes on business assets are paid every year as long as the asset is in use apart from the company’s book depreciation. The local taxing authorities have the right to decide on the value of the property tax return. The value depends on the assets category and the local taxing authorities’ depreciation schedule. The return is assessed a taxable value which is later applied to the tax rates specific to the street address in order to result in an annual BPP tax due. Now that we have got an overview of tangible personal properties let us take a look at... Read More