Even though property taxes are our livelihood at The Hegwood Group, we know that no one loves to pay them.
While the ever-increasing annual property tax in Texas may seem a burden to most people every year, the truth is that property taxes greatly benefit the social and economic aspects of communities.
As we move into the holidays and then tax season, let’s take a moment to reflect on the 6 reasons why you should be at least a little thankful for the property tax system.
1. Your Community Directly Benefits
The money you put into your commercial real estate each year is money that always finds its way back into your community. Property taxes are in place to help local governments pay for essential needs.
Your annual property tax helps in the following ways:
- School district building upkeep
- Police and fire department funding and salaries
- Community trash services
- Healthcare investments
- Local welfare programs
2. Property Tax Payments Are Never a Surprise
Many bills we receive are bills that arrive by surprise. However, statewide, property taxes are always due on January 31st, and the information regarding the amount due is always available online once tax bills are released in October.
Property taxes are extremely transparent and should never sneak up on an owner. In fact, property owners also have an idea of what their property taxes will be when their assessment arrives earlier in the year.
3. Property Taxes Add Income to Our State
Property taxes don’t just help an owner’s immediate community, but also help entire states elevate their income.
As owners pay their property taxes, they are doing their part to help fund statewide programs and ensure the state has adequate finances to operate smoothly.
4. Taxes Level the Economic Playing Field
Property tax payments help reduce the social gaps between those fortunate enough to own property and communities that constantly face economic hardship. As mentioned before, property taxes can go towards community programs that directly help those in need.
So, when you get that annual property tax bill in the mail, just keep in mind that your payment is a direct redistribution of funds that others desperately need.
5. Property Taxes Are As Fair as Possible
Property taxes are an unavoidable part of property ownership. Yet, county assessors aim to make sure that payments are as fair as possible. This means that assessors will regularly check up on properties in their jurisdiction and make note of any changes made to the property that could influence property value.
So, when it comes to property taxes, be thankful that no property changes fly under the radar, and that your property (and neighboring properties) are always taxed based on the most recent and accurate assessment.
6. Property Taxes Aren’t Always Final
While tax assessors try their best to make accurate assessments, the truth is that mistakes happen. Fortunately, assessments aren’t the actual bill owners receive and aren’t numbers that are set in stone.
If you believe an assessment is incorrect, there is always a brief window for protest. As long as you meet the deadline of May 15 or 30 days after the receipt of your assessment, you can work with a property tax consultant to help protest the assessment and hopefully end up with a reduced final bill.
Prepare for Property Tax Season Today, With The Hegwood Group
Regardless of your annual payment on your commercial property, tax deadlines are coming up, and your statement needs to be paid.
If you have any questions about your property tax payment or want to find ways to reduce your property tax payments next year, the Hegwood Group can help!
We are a team of licensed property tax consultants that take a comprehensive approach to help our clients ensure they aren’t overpaying on their taxes every year.
Contact us today to learn more about our services and schedule your free consultation with a member of our team.