Commercial Property Tax Exemptions You May Be Missing Out On

Commercial property taxes are something that every business owner wants to save money on whenever possible. It’s the biggest reason we see so many property tax protests and thoroughly review early assessments for our clients.

While property tax protests are a great way to save money on commercial property taxes, there are many tax exemptions out there for business owners that you may not know about.

5 Commercial Property Tax Exemptions You May Not Know About

Property tax exemptions aren’t just for homesteaded residential properties. Commercial property owners can also benefit from numerous, advantageous business practices and circumstances. Here are 5 commercial property tax exemptions you may not have previously known about.

Disabled Veterans Exemption

If you are a disabled veteran or a surviving spouse or child of a veteran killed during active duty, you are eligible for the disabled veterans’ exemption.

If the veteran is a Texas resident and has been classified as disabled by the Veteran’s Administration, you could be eligible for property tax exemptions that range between $5,000 and completely covered for one property you own!

A property tax consultant can help you determine your disability rating and how it impacts your exemption options.

Solar Or Wind-Powered Energy Device

Not only can alternative energy sources reduce your environmental footprint, but they can save you money in more ways than one, every year.

If your company has made the effort to go green in the last year, you could be eligible to receive a tax exemption for your efforts. In Texas, businesses that utilize solar or wind-powered energy devices can gain a 100 percent tax exemption on the appraised value of their equipment.

Freeport Exemptions

Aside from oil and gas, if your business exports inventory outside of Texas, those items may be tax-exempt. If the inventory you ship out only stays in the state for 175 days or less, the exemption likely applies.

Offshore Drilling Equipment Not in Use

If your commercial property operates offshore drilling equipment but hasn’t had a chance to use it in the last year, you could save some money on your commercial personal property taxes.

According to Texas Tax Code Section 11.271(b) and Section 11.271(c), offshore drilling units and offshore spill response containment systems not in use allow for exemptions on personal property that you own or lease. The property must be used for the storage of these types of offshore equipment.

Pollution Control Exemption

The Texas Commission on Environmental Quality (TCEQ) can even help you save money on your property taxes. If the TCEQ awarded your business with a positive use determination, you could be on the line for a Pollution Control tax exemption. This title from the TCEQ typically comes into play if your property is used for the control of air, water, or land pollution.

Save More On Your Ad Valorem Property Tax Today, With The Hegwood Group

If you’re a business owner who is eager to save money on property taxes this year, make sure to connect with a local Dallas property tax consultant to ensure that you’re making all of the right tax decisions.

At the Hegwood Group, our property tax consultants specialize in ad valorem property tax and can answer all of your essential questions.

Contact us today to schedule your free consultation with a member of our team.

Someone Buys Commercial Property And Now Has TaxesCommercial Real Estate Tax Tips 2022