Appraisers find Harris property values dip slightly

But numbers are close enough to ease budget pain
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Read the whole article at: Appraisers find Harris property values dip

Texas Legislature Imposes Tougher Homestead Exemption Requirements; Effective September 1, 2011:

As of September 1, 2011, homeowners will have to comply with more rigorous standards in order to receive a homestead exemption.

Applicants must now provide a copy of their driver’s license or state issued identification card and a copy of their vehicle registration receipt with their homestead application. All of these documents must have addresses that match the property that the homestead exemption is being filed for.

In a case where a property owner does not own a vehicle, the property owner is required to submit a notarized affidavit certifying that fact and in addition the property owner must provide a current utility bill mailed to that same address.

These requirements are necessary now was well for property owners hoping to receive an Over-65, Disability, 100% disabled veterans exemption or an extension of exemption for a surviving spouse. Each of these exemptions have their own requirements for qualification in addition to these new rules.

Property owners applying for homestead exemptions for manufactured or mobile homes will have to provide the following:

• Statement of ownership and location issued by the Texas Department of Housing and Community Affairs.
• A copy of the purchase contract or payment receipt OR a sworn affidavit that:
  
  
  • The applicant is the owner of the manufactured home
  • The seller of the manufactured home did not provide the applicant with a purchase contract
  • The applicant could not locate the seller after making a good faith effort

Applications dated and submitted to their relative County Appraisal Districts by August 31, 2011 will be processed under pre-September 1 guidelines.

New Guidelines for Property Owners looking to apply for a Totally Disabled Homestead Exemption

Effective January 1, 2012, a person who qualifies for a totally disabled veteran’s residence homestead exemption after January 1 may receive the exemption for a portion of the year. In addition, if a totally disabled veteran’s homestead exemption is lost for some reason, the taxes are based on the number of days the person qualified.

In addition, a surviving spouse of a totally disabled veteran is entitled to the disabled veteran homestead exemption upon the death of the spouse. This is effective on the Governor’s signature of SB 516.

Counties Must Now Provide Notice of Rendition Penalties

New House Bill 533 requires that the chief appraiser must provide notice of rendition penalties. Previously, property owners would simply find penalties on their tax bills if they occurred, but this new law allows that the property owner may protest the imposition of the penalty once the notice is received. If no protest of the penalty is received, it becomes final.

In addition, this law states that if the valuation method for real property takes into the consideration the value of personal property, the personal property is not subject to additional taxation.

Urgent Reminder! Wednesday, June 30, 2010 is deadline to avoid additional 23.1% on delinquent taxes.

Delinquent taxpayers have until June 30th to avoid 23.1% added penalties for their unpaid 2009 property taxes. Property tax payers who find full payment difficult or who have any questions should contact the Tax Office at 713-368-2273 and set up an installment agreement.

‘Skip the lines’ and pay online in full at www.hctax.net.

New 100% Disabled Veteran’s Homestead Exempts Property Owners from ALL Taxes

Texas Bill HB3613 provides a 100% exemption for a residence homestead for those who have a disability rating of 100% disabled or of individual unemployability. This bill also increases the amount of the regular disabled veteran’s exemption for veterans with a disability rating of 30%, 50% or 70%.

Those who qualify for the new 100% exemption:

• Own and occupy a residence homestead
• Are receiving 100% disability compensation for service related injuries from the US Department of Veterans Affairs
• Have a disability rating of 100%/ individual unemployability

This exemption will totally exempt you from your property taxes in all jurisdictions regardless of its value. If your home is co-owned with someone other than your spouse, the exemption will apply to the share of your ownership.

This exemption is not given automatically. You must apply for this new exemption but do not need to reapply every year.

To attain this exemption fill out and return Form 11.131 Disabled Veteran’s Homestead Exemption Application and attach a copy of your award letter, a “VA tax letter”, or another form of documentation showing 100% disability compensation from the Department of Veteran Affairs due to service-related injuries or of individual unemployability.

Obtain documentation of your disability status from the United States Department of Veteran Affairs by calling 1-800-827-1000. Their website is www.va.gov

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

PMI, 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 www.ameriapraise.com.

Mold infestation

Because of changes in insurance coverage for homeowners, it will be harder to get payment for mold damage from insurance. This makes it more important than ever for homeowners with mold damage and infestation to try to get some property tax relief. Please send us any documentation you have of mold problems.