Owning a home completely helps in reducing your tax burden. The remarkable tax benefits of owning a home is that your rental income will not be taxed. It is valued as a return on investment as from stock markets and other savings accounts. Rental income falls under this category and will not be taxed. How imputed rent works? A person buying a house out of his own money is purely an investment and all benefits gained out of that investment are non-taxed as per law. This imputed rent has reduced the federal revenue by about 121.3 billion during the fiscal year of 2019 alone. Homeowners can deduct mortgage interest and property tax payments from federal income tax when they clearly itemize their deductions. Itemized Deductions Homeowners who have itemized their deductions have the chance to reduce their taxable income. This is an effective chance to transfer the federal funds to... Read More

Brazos county property owners, here is an important update. If you live in the BCAD then you must be one among the 117,000 property owners who are about to receive your tax bill. You can most likely expect your tax bill to drop in your mailbox on October 14th. So make sure you keep an eye on your mailbox because it is going to be important to start protesting. Property tax deadline The deadline for the payment of property taxes is due on January 31st, 2023. Property taxes are due even if you have not received the tax statement from the tax office. So make sure to visit the official website and sign up to receive e-alerts. A successful appeal for your Brazos county tax bill Property taxes, it is something that is a certainty in life, but the amount you pay for them might not make you feel certain.... Read More

Are you looking at how to lower your annual tax burden? To help you win a property tax protest, here are six pro tips. You can use them to your advantage every year. Tip 1: Appeal your property taxes every single year File your property taxes every single year even if you won a protest last year. The more you try the more are the chances of winning. O’Connor’s client savings have totaled over $120 million this 2020 and our client savings have totaled over $1,000,000,000. Tip 2: Research Your Neighbours Yes, you heard it right. Always pause by your neighbors’ place, converse with your neighbors and build a relationship with them where you can share the values of your homes. The county appraisal districts compare other homes and sales in the neighborhood, so understanding how much your home is worth compared to others, can give you an idea of... Read More

Have you received your assessment notice on your commercial property? Then you should be thinking of doing a DIY valuation to check the accuracy of the assessment that you received. To help you begin, there are 3 additional major assessment methods that you can follow, other than using the traditional one,  to know whether your assessment is right.  The traditional approach It is one of the approach methods which is followed by O’Connor to yield accuracy. This effective method has cost, market, and income approaches. Let’s have a look at various methods in the traditional approach. Cost approach Pay price for a piece of property = Cost price of building an equivalent building This is what the cost approach looks like. The commercial property valuation methods clearly estimate the price value that a buyer should pay for a piece of property that sums to the total value of the building... Read More

Are you someone who doesn’t have much idea about protesting taxes? This year learn more and start preparing to protest taxes with your documents. We are in Fall and it’s a great time to start preparing to protest your taxes. It’s always better to start preparing before the pressure of tax season. Here are a few tips for you to make protesting easier! Keep your evidence readyAs per tax code 41.61, any appraisal district must provide the evidence before your hearing happens. Read More