To Render or Not? |
Harris County Appraisal District continues
to lead the way among appraisal districts in aggressively
pursuing business personal property value. As a result
of a lawsuit filed in 1998 by HCAD, the courts have ruled
that owners of equipment and inventory must file renditions
at the appraisal district by April 15 every year to report
value of the property.
While there is still no penalty proscribed by the tax
code for failing to render, appraisal districts can retaliate
against owners who fail to render by raising the values
on their accounts and/or threatening to sue.
Appraisal districts will mail out the yearly rendition
forms in January. Not all assets need to be rendered,
as some assets are either not taxable or may be classed
as real estate. To get help with rendering,
please give us a call. |
Property Tax Law Updates |
A law effective Jan 2002 made it possible for recipients
of Surviving Spouse tax exemption to transfer their Over
65 school tax freeze. This is a certainly a benefit to
Surviving Spouses who wish to move to a new residence,
since the school tax freeze can now move with them.
The last legislature also passed a law requiring a person
conducting a going-out-of business sale to file a report
with the appraisal district along with a $20 filing fee.
Previously, the paperwork was filed with the county clerk.
Also, leased vehicles that are not
used for the production of income are exempt from property
taxes if the lease was entered into on or after Jan.
2, 2001. |
Save Money on your Mortgage Payment |
MI, or Private Mortgage Insurance, is required on all
new conventional home loans when buyers pay less than 20%
on the down payment. This insurance protects the lender
in case of default, but doesn't do much for you, the homeowner.
You may be able to lower your mortgage payments by dropping
the PMI coverage.
If the principal balance on your mortgage loan represents
less than 80% of the value of your property, in most
cases you can request the lender to stop charging you
for PMI. You could save $50 - $100 per month!
The lender will probably require a certified appraisal
by an independent appraisal company, so call Joel Brock
at Ameriapraise, Inc, for an appraisal of your house.
His phone is 281-464-7979 or check his web site at ww
www.ameriapraise.com |
9219
Katy Freeway #257