All Your Questions Answered About 2024 Property Taxes

The new year has settled in, and while you’re busy tackling resolutions and refreshing your routines, there’s one unavoidable reality for homeowners: property taxes. 2024 brings changes, adjustments, and possibly even surprises when it comes to your property tax bill. 

Don’t get caught off guard! Whether you’re a seasoned business owner or just bought your first piece of commercial real estate, stay informed and navigate the 2024 property tax landscape with confidence.

Market Fluctuations

Buckle up, Texas! While the real estate market won’t be quite the rollercoaster of 2023, modest property value increases are still expected in 2024. This translates to a potential bump in your tax bill, so keep an eye on your valuation notices. 

Remember, local factors like neighborhood trends and development projects can also influence individual property values.

Tax Rates and Levies

Your local government holds the reins on tax rates and levies. In Texas, expect a mixed bag for 2024. Some municipalities might opt for stable rates, while others may raise levies to compensate for revenue shortfalls. 

Stay informed about your city or county’s specific plans – attend city council meetings, sign up for email alerts, or simply pick up the local paper. Knowledge is power when it comes to predicting your tax bill!

New Legislation

While we cover commercial property tax within our property tax consultations, we’d be remiss to skip over some important tax legislation changes. 2024 brings good news for Texas homeowners. Proposition 4, passed in November 2023, delivers a double whammy of tax relief:

Homestead Exemption Boost

Your homestead exemption, which shields a portion of your home’s value from taxation, has jumped from $40,000 to $100,000

If you already have a homestead exemption, you’re automatically enrolled in the higher benefit. If not, claim it! It’s free and can significantly reduce your tax burden.

Appraisal Cap for Non-Homestead Properties

Worried about skyrocketing valuations on your investment property or second home? Fear not! Texas has instituted a three-year cap on appraisal increases for non-homestead properties valued under $5 million. This means your taxable value can’t rise by more than 20%, even if the market value soars.

Contesting Assessments

If you believe your property’s valuation is inaccurate, don’t be shy! Contesting your assessment is your right, and it could save you money. However, proceed with caution. Gather evidence, understand the property tax appeals process, and consider seeking professional help from a property tax consultant or attorney. The Texas Comptroller of Public Accounts offers valuable resources and guidance on contesting assessments.

Knowledge Is Power

Navigating the 2024 property tax landscape can feel daunting, but remember, information is your best weapon. Explore the Texas Comptroller of Public Accounts website, subscribe to local government updates, and don’t hesitate to contact your county appraisal district with any questions. Armed with knowledge, you can make informed decisions, claim valuable exemptions, and potentially even contest an inaccurate assessment.

Stay Ahead This Tax Season With The Hegwood Group

The Hegwood Group is here to help! We are a passionate team of experienced property tax professionals committed to empowering commercial property owners.

Visit our website or schedule a consultation today to:

  • Get In-Depth Guidance: We’ll help you understand your specific property tax situation and identify any potential savings opportunities.
  • Navigate Complexities: From contesting assessments to exploring exemption options, we’ll walk you through the process every step of the way.
  • Make Informed Decisions: We believe knowledge is power, and we’ll equip you with the information you need to make confident choices about your property taxes.

Don’t let property taxes leave you feeling overwhelmed. Proactive preparation and expert guidance can minimize the impact and ensure you’re paying your fair share. Contact the property tax consultants at Hegwood Group today, and let’s navigate the 2024 property tax in Dallas together!

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