Tax season is rapidly approaching and many of our clients have questions about filing their property taxes. Taxes are some of the most complicated government forms a business or homeowner will fill out in any given year and certainly the most frustrating. At the Hegwood Group, our tax experts hear the same questions over and over again from many of our clients. We understand the confusion and want to help. We’re sharing a bit of our expertise with you and answering the most asked questions we hear.
How Can I Save Money on Property Taxes?
We hear this question all of the time and understandably so. Businesses should always look for ways to save on their business property taxes. Our tax consultants usually suggest appealing your property tax assessments if you believe that they’re higher than they should be. Sometimes your tax assessment increase is due to the properties around yours going up in value and then other times the assessor simply made a mistake evaluating your property. If you think something is wrong with your assessment, then come talk to us and we’ll see what we can do to help.
What is Ad Valorem Tax?
Ad Valorem taxes are most commonly referred to as “property taxes.” The term is Latin for “according to value.” When your personal property is evaluated every year, the assessor is looking over your property to determine it’s value and how it will be levied by the local government. Many tax levies are used to fund local school districts and municipal governments.
Is It Hard to File an Appeal?
Filing an appeal is fairly straightforward if you have the Hegwood Group there to help you. We fill out all of the paperwork and even go to court on your behalf if necessary. Usually, the local government will adjust your assessment if you’ve found a discrepancy in their calculations. When you have representation to make sure you’re being treated fairly, the tax assessor’s office is more likely to reevaluate your property and come down in the assessed value of it.
Are There Discounts for Paying Property Taxes Early?
Sometimes there are depending on the municipality. The earlier you pay your property taxes, the more of a discount the local government it’s owed to will give to you. The closer you get to the actual payment due date however, the less of a discount they’ll be willing to give you. Depending on where you live though, this is a great way to save money on your business property taxes.
Let the Hegwood Group Save You a Headache
When filing your business’ property taxes, the paperwork and legal terminology can get exhausting and confusing. Our Texas tax specialists can handle all of the hard stuff for you so you can get back to what you do best- running your business. Don’t wait until the tax season time crunch, contact us today for help with your property taxes!