# The Hegwood Group > Expert Property Tax Consulting in Dallas and Fort Worth --- ## Pages - [Property Tax Appeals](https://www.hegwoodgroup.com/services/property-tax-appeals/): Property Tax Appeal Services Our property tax consultants at Hegwood Group can reconcile the tax amount due to the results... - [Tax Exemptions & Property Tax Abatements](https://www.hegwoodgroup.com/services/property-tax-exemptions-abatement-texas/): Property Tax Exemptions & Property Tax Abatement Texas The property tax advisors at Hegwood Group can help you file your... - [Property Tax Budgeting & Forecasting](https://www.hegwoodgroup.com/services/budgeting-forecasting-property-tax/): Property Tax Budget and Forecasting Services Do you need help with the property tax budget for this year’s annual property... - [Dallas County Property Taxes](https://www.hegwoodgroup.com/dallas-county-property-taxes/): Dallas County Property Taxes Property Tax In Dallas County Hegwood Group is a property tax consulting firm committed to helping... - [Helpful Links](https://www.hegwoodgroup.com/helpful-links/): Helpful LinksCheck out the links below for more information about property taxes in Texas” Texas Property Tax System Dallas Central... - [Privacy](https://www.hegwoodgroup.com/privacy/): Privacy Policy This site is provided as a public service. 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Please contact us at 972-248-9574 to speak... - [Business & Personal Property Tax Consulting](https://www.hegwoodgroup.com/services/business-personal-property-tax-consulting/) - [Real Estate Tax & Ad Valorem Tax Consultants](https://www.hegwoodgroup.com/services/real-estate-tax/): Texas Real Estate Taxes & Ad Valorem Tax Real estate tax, also known as ad valorem tax, is a tax... - [Texas Sales and Use Tax Consulting](https://www.hegwoodgroup.com/services/texas-sales-and-use-tax-consulting/): Sales and Use Tax Find out how to avoid penalties for sales and use tax in Texas. 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Praesent dictum vulputate estid laoreet nibh bibendum acun aesent vitae... --- ## Posts - [Protest Property Taxes in Denton County](https://www.hegwoodgroup.com/protest-property-taxes-in-denton-county/): Here in North Texas, we’ve all experienced it. That envelope arrives from the Denton Central Appraisal District (DCAD) in the... - [What Is Ad Valorem Tax In Texas?](https://www.hegwoodgroup.com/what-is-ad-valorem-tax-in-texas/): Every year, a particular envelope arrives in the mailboxes of property owners across Texas. For many, it’s a source of... - [How to Prepare for a Business Personal Property Tax Audit](https://www.hegwoodgroup.com/how-to-prepare-for-a-business-personal-property-tax-audit/): Receiving a notice from the appraisal district can be an unsettling experience for any business owner. The words “Business Personal... - [Texas Agricultural Tax Exemption](https://www.hegwoodgroup.com/texas-agricultural-tax-exemption/): Owning a piece of land in Texas is a source of immense pride. It connects us to the state’s rich... - [Complete Your Business Personal Property Rendition Form](https://www.hegwoodgroup.com/complete-your-business-personal-property-rendition-form/): As business owners in Texas, we wear many hats. We are innovators, leaders, and the driving force behind our local... - [Glossary of Texas Property Tax Terms](https://www.hegwoodgroup.com/glossary-of-texas-property-tax-terms/): Navigating Texas property taxes can often feel like learning a new language. Between their unique acronyms, specific legal terms, and... - [What Is Business Personal Property Tax?](https://www.hegwoodgroup.com/what-is-business-personal-property-tax/): For many business owners, the topic of property taxes often conjures images of brick-and-mortar buildings and vast stretches of land.... - [Common Mistakes Businesses Make With Sales and Use Tax](https://www.hegwoodgroup.com/common-mistakes-businesses-make-with-sales-and-use-tax/): Sales and Use Tax can often be confusing for businesses. Let’s quickly address how to avoid common pitfalls and navigate... - [When Are Property Taxes Due in Tarrant County?](https://www.hegwoodgroup.com/when-are-property-taxes-due-in-tarrant-county/): In Tarrant County, property taxes are administered by the Tarrant Appraisal District, which determines the value of properties, and the... - [Texas Property Tax Penalties and Interest](https://www.hegwoodgroup.com/texas-property-tax-penalties-and-interest/): Does your community have well-maintained roads, high-performing schools, and a reliable police force? These essential services don’t just magically appear;... - [What Happens If I Don’t Pay Texas Property Taxes](https://www.hegwoodgroup.com/what-happens-if-i-dont-pay-texas-property-taxes/): Property taxes are a significant source of revenue for local governments in Texas, funding essential services such as schools, roads,... - [What Is The Property Tax Rate In Texas](https://www.hegwoodgroup.com/what-is-the-property-tax-rate-in-texas/): Imagine this: you’ve finally found your dream home in the heart of Texas. The sprawling porch, the spacious backyard, the... - [Property Taxes After Death](https://www.hegwoodgroup.com/property-taxes-after-death/): Death and taxes are famously the two certainties in life — and unfortunately, property taxes don’t disappear when someone passes... - [Texas Sales Tax Rate](https://www.hegwoodgroup.com/texas-sales-tax-rate/): When you make a purchase in Texas, you’ll notice an extra charge added to your total bill – that’s the... - [What Is A Tax Abatement](https://www.hegwoodgroup.com/what-is-a-tax-abatement/): Navigating property taxes is always complex, but amid that complexity can lie opportunities for savings. One such opportunity is a... - [How To Appeal Your Property Tax Assessment](https://www.hegwoodgroup.com/how-to-appeal-your-property-tax-assessment/): Property tax assessments can sometimes feel unfair or inaccurate, leaving you with a higher tax bill than you think is... - [What Is Sales And Use Tax](https://www.hegwoodgroup.com/what-is-sales-and-use-tax/): If you live or operate a business in Texas, understanding sales and use tax is essential. These taxes play a... - [Property Tax Exemptions In Texas](https://www.hegwoodgroup.com/property-tax-exemptions-in-texas/): Texas property taxes can be substantial, but the good news is there are numerous property tax exemptions available that could... - [How To Protest Property Taxes In Texas](https://www.hegwoodgroup.com/how-to-protest-property-taxes-in-texas/): Owning property in Texas comes with many advantages, but it also means facing property taxes. These taxes contribute to funding... - [When Are Property Taxes Due In Texas?](https://www.hegwoodgroup.com/when-are-property-taxes-due-in-texas/): Owning property in Texas comes with the responsibility of paying property taxes. These taxes are vital, funding local schools, public... - [What Is the New Texas Property Tax Relief Bill?](https://www.hegwoodgroup.com/what-is-the-new-texas-property-tax-relief-bill/): Hello from Hegwood Group! We understand that changes to property tax law can be daunting, so let’s take a look... - [How To Calculate Texas Property Tax in 2024](https://www.hegwoodgroup.com/how-to-calculate-texas-property-tax-in-2024/): Property taxes are a significant expense for Texas homeowners, and understanding how they work is crucial for budgeting. Calculating your... - [All Your Questions Answered About 2024 Property Taxes](https://www.hegwoodgroup.com/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... - [Your Secret Weapon for Smart Property Investments](https://www.hegwoodgroup.com/your-secret-weapon-for-smart-property-investments/): Buying or selling property is a thrilling rollercoaster — and one where the taxman often sits shotgun. Navigating the labyrinthine... - [Strategies and Tips for Your Property Tax Appeal](https://www.hegwoodgroup.com/strategies-and-tips-for-your-property-tax-appeal/): Navigating the complexities of property taxes can often seem daunting, especially when it comes to being sure you aren’t overpaying.... - [Property Tax Consultants vs. Property Tax Attorneys: Which Do You Need in Dallas?](https://www.hegwoodgroup.com/property-tax-consultants-vs-property-tax-attorneys-which-do-you-need-in-dallas/): Property taxes have always been a significant financial consideration for Dallas businesses. It’s an annual obligation, but one that can... - [Understanding Ad Valorem and Real Estate Taxes in Dallas](https://www.hegwoodgroup.com/understanding-ad-valorem-and-real-estate-taxes-in-dallas/): Property taxes are fundamental to homeownership and real estate ownership in Dallas, Texas. Among the various types of property taxes,... - [Types of Commercial Properties and Their Tax Implications](https://www.hegwoodgroup.com/types-of-commercial-properties-and-their-tax-implications/): When it comes to commercial real estate tax, one size doesn’t fit all. The tax implications vary depending on the... - [Decoding Business Property Tax Tips for Business Owners](https://www.hegwoodgroup.com/decoding-business-property-tax-tips-for-business-owners/): As a business owner, you’ve got lots of responsibilities on your plate. From day-to-day operations to fostering growth and profitability,... - [Avoiding Audits and Common Property Tax Mistakes](https://www.hegwoodgroup.com/avoiding-audits-and-common-property-tax-mistakes/): Owning commercial property means shouldering a multitude of responsibilities, one of which is paying regular property taxes. While this may... - [Saving Your Money: The Secret to Property Tax Appeals](https://www.hegwoodgroup.com/saving-your-money-the-secret-to-property-tax-appeals/): Real property taxes are unavoidable and support essential public services. There are situations where property assessments and their subsequent tax... - [Let’s Break Down Your Commercial Property Tax Bill](https://www.hegwoodgroup.com/commercial-property-tax-bill-sections/): By Rodney Hegwood, Founding Partner A commercial property tax bill is an invoice sent from a local government to the... - [Understanding Property Tax Assessments](https://www.hegwoodgroup.com/understanding-property-tax-assessments/): Property is a great investment and can be a powerful income stream, but it comes with its own responsibilities. The... - [Pros and Cons of Tax Deferment for Commercial Property Owners](https://www.hegwoodgroup.com/pros-and-cons-of-tax-deferment/): Capital gains are realized, recognized, and taxes levied, every time you sell real estate. What you may not know is... - [Top 5 Questions to Ask Before Hiring a Commercial Property Tax Consultant](https://www.hegwoodgroup.com/questions-for-commercial-property-tax-consultant/): A commercial property tax consultant can get your business’s tax bill under control. Protesting your commercial property tax is a... - [Commercial Property Tax Resolutions for 2023](https://www.hegwoodgroup.com/commercial-property-tax-resolutions/): As a commercial property owner, it is important to always be prepared for tax season. With the new year approaching,... - [Should You Pay Your Commercial Property Taxes Early?](https://www.hegwoodgroup.com/should-you-pay-commercial-property-taxes-early/): By Senior Property Tax Consultant, Rodney Hegwood Local taxing authorities send their property tax bills months in advance because most... - [How to Prepare for 2023 Property Tax Increases](https://www.hegwoodgroup.com/2023-property-tax-increases/): Commercial property taxes in Dallas and throughout the state are among the highest in the nation. In recent years, business... - [Texas Property Tax Questions](https://www.hegwoodgroup.com/texas-property-taxes-faq/): Commercial property taxes can be confusing for any Texas property owner. At the Hegwood Group, we are a team of... - [How to Determine your Commercial Property Value](https://www.hegwoodgroup.com/commercial-property-value/): To be honest, placing value on commercial real estate is tricky. Commercial property value depends on many variables, including location,... - [Top Misconceptions About Protesting Commercial Property Tax](https://www.hegwoodgroup.com/commercial-property-tax-misconceptions/): Commercial Property Tax Misconceptions Commercial property tax is a collective financial concern for business owners and investors. The expense is... - [Forecasting Tips for Your Commercial Property Taxes](https://www.hegwoodgroup.com/forecasting-tips-for-commercial-property-taxes/): Let’s face it! Property taxes are getting more expensive by the year. Even if you plan to protest your upcoming... - [5 Qualities to Consider When Looking for a Property Tax Consultant](https://www.hegwoodgroup.com/finding-a-property-tax-consultant/): While filing an appeal and saving money every tax season is appealing, the process can be complicated for an inexperienced... - [What Makes a DIY Property Tax Appeal So Complex?](https://www.hegwoodgroup.com/why-diy-property-tax-appeal-so-complex/): Commercial property tax appeals are something that all commercial property owners should attempt every tax season. The county assessor is... - [What to Do if You've Missed the Property Tax Deadline?](https://www.hegwoodgroup.com/what-to-do-if-you-miss-property-tax-deadline/): Taxes are one of life’s unavoidable necessities, and ensuring that you pay your federal, state, and property taxes on time... - [Real Estate Tax Strategies to Take Advantage of in 2022](https://www.hegwoodgroup.com/real-estate-tax-strategies-2022/): Everyone wants to save money on taxes, and one of the best ways to do so as a commercial real... - [IRS Safe Harbors to Remember This Tax Season](https://www.hegwoodgroup.com/irs-property-tax-safe-harbors-to-remember/): January is here and it’s time to start gearing up to do your civic duty and pay your property taxes.... - [Commercial Property Tax Exemptions You May Be Missing Out On](https://www.hegwoodgroup.com/commercial-property-tax-exemptions/): Commercial property taxes are something that every business owner wants to save money on whenever possible. It’s the biggest reason... - [6 Reasons to Be Thankful for Property Taxes](https://www.hegwoodgroup.com/6-reasons-to-be-thankful-for-property-taxes/): Even though property taxes are our livelihood at The Hegwood Group, we know that no one loves to pay them.... - [How Can Commercial Property Owners Benefit from Tax Abatements?](https://www.hegwoodgroup.com/how-can-commercial-property-owners-benefit-from-tax-abatements/): Commercial property owners have enough responsibilities on their hands. Worrying about overpaying on property taxes every year shouldn’t have to... - [Why Should You Focus On Your Commercial Property Tax Payments This Fall?](https://www.hegwoodgroup.com/why-should-you-focus-on-your-commercial-property-tax-payments-this-fall/): October is just around the corner and it’s time for commercial real estate owners to wait for their annual property... - [How to Survive a Commercial Property Tax Audit](https://www.hegwoodgroup.com/how-to-survive-a-commercial-property-tax-audit/): Getting audited is any property owner or taxpayer’s worst nightmare. However, the sad fact is that many people either make... - [How to Avoid Common Sales Tax Mistakes](https://www.hegwoodgroup.com/how-to-avoid-common-sales-tax-mistakes/): Sales tax may seem like a minor inconvenience for business owners to track. However, failure to properly keep tabs on... - [What Are the Benefits and Risks of Commercial Property Tax Loans?](https://www.hegwoodgroup.com/what-are-benefits-risks-commercial-property-tax-loans/): When a property owner starts to fall behind on their commercial property taxes, sometimes a loan may seem like a... - [Commercial Property Tax Management Tips for New Property Owners](https://www.hegwoodgroup.com/commercial-property-tax-management-tips-new-property-owners/): Becoming a new business owner is an exciting moment in any aspiring entrepreneur’s life. However, while the day-to-day operations of... - [What is a Tax Lien Foreclosure?](https://www.hegwoodgroup.com/what-tax-lien-foreclosure/): Everyone knows that failing to pay your property’s monthly mortgage will eventually result in a painful foreclosure. However, those that... - [How Can Property Improvements Impact Property Taxes?](https://www.hegwoodgroup.com/how-can-property-improvements-impact-property-taxes/): Spring is in the air and for some reason, this season puts many property owners in the improvement mindset. While... - [What if You Can't Pay Your Latest Property Tax Bill?](https://www.hegwoodgroup.com/what-you-cant-pay-latest-property-tax-bill/): February is here and Dallas property owners should be ready to pay off their latest property tax bill. However, 2020... - [Are You Prepared for Property Tax Season?](https://www.hegwoodgroup.com/are-you-prepared-property-tax-season/): Property tax season is just around the corner and we understand that this time of the year can be stressful... - [What Aspect of Your Property Tax is Tax Deductible?](https://www.hegwoodgroup.com/what-aspect-your-property-tax-is-tax-deductible/): 2020 is finally coming to a close and many Texans are starting to think about the impending tax season. One... - [Do You Qualify for the Agricultural Property Tax Exemption?](https://www.hegwoodgroup.com/do-you-qualify-agricultural-property-tax-exemption/): Texas is a state that is full of land that is ripped and ready for agricultural use. However, many people... - [How to Proactively Plan a Tax Appeal in the Age of Covid-19](https://www.hegwoodgroup.com/how-proactively-plan-tax-appeal-age-covid-19/): 2020 has brought several changes to our lives with the surge of COVID-19 cases throughout the state of Texas. During... - [Property Lien Scams: Taxpayers Beware](https://www.hegwoodgroup.com/property-lien-scams-taxpayers-beware/): A tax lien from any governing agency is one of the most frightening scenarios for any taxpayer. This is especially... - [5 Common Real Estate Tax Mistakes](https://www.hegwoodgroup.com/5-common-real-estate-tax-mistakes/): Real estate property tax can be a confusing subject and it’s easy to make mistakes that can financially put you... - [The Property Tax Consultant's Guide to Ad Valorem Tax](https://www.hegwoodgroup.com/the-property-tax-consultants-guide-to-ad-valorem-tax/): Property taxes are an annual weight on any commercial property owner’s shoulders. While most owners are used to getting standard... - [4 Reasons You Must Attempt a Commercial Property Tax Appeal](https://www.hegwoodgroup.com/4-reasons-you-must-attempt-a-commercial-property-tax-appeal/): In Texas, it seems like property tax rates just keep going higher and higher every year. Sure, this can be... - [Saving Money While Your Property Tax Bill Looms in the Distance](https://www.hegwoodgroup.com/saving-money-while-your-property-tax-bill-looms-in-the-distance/): Despite the Governor’s orders to start reopening Texas, there is still quite some time after the COVID-19 pandemic for things... - [The Impact of COVID-19 on the Property Tax Landscape](https://www.hegwoodgroup.com/the-impact-of-covid-19-on-the-property-tax-landscape/): With the emergence of the Coronavirus Pandemic, life as most of us know it has been put on hold. Even... - [3 Easy Ways to Pay Less on Commercial Property Taxes](https://www.hegwoodgroup.com/3-easy-ways-to-pay-less-on-commercial-property-taxes/): If you’re the owner of commercial property, then you are already well aware of the expenses involved with managing your... - [Tips for Hiring a Property Tax Consultant](https://www.hegwoodgroup.com/tips-for-hiring-a-property-tax-consultant/): It’s tax season, and the first order of business is getting your property taxes paid on time and in full!... - [Tips to Successfully Appeal Your Commercial Property Tax Bill](https://www.hegwoodgroup.com/tips-to-successfully-appeal-your-commercial-property-tax-bill/): Commercial property tax can get expensive in Dallas, Texas, and sometimes it may feel like there isn’t anything you can... - [Reasons Why You're Overpaying Your Property Tax](https://www.hegwoodgroup.com/reasons-why-youre-overpaying-your-property-tax/): With the property tax costs continually rising each year, it’s no surprise that most homeowners don’t think before they pay... - [Reasons to Pay Property Tax Before Thanksgiving](https://www.hegwoodgroup.com/reasons-to-pay-property-tax-before-thanksgiving/): A property tax bill isn’t usually something homeowners in Dallas don’t think about paying until the end of January. However,... - [Red Flags to Look Out for When Purchasing Tax-Delinquent Properties](https://www.hegwoodgroup.com/red-flags-to-look-out-for-when-purchasing-tax-delinquent-properties/): Tax-delinquent properties can be a blessing and a curse for first-time home buyers. Sure, you may have negotiation power and... - [Understanding Your Property Tax Abatement](https://www.hegwoodgroup.com/understanding-your-property-tax-abatement/): Dallas commercial building owners are always on the lookout for ways to reduce the annual amount they have to pay... - [How File a Property Tax Protest and Win the Battle!](https://www.hegwoodgroup.com/how-file-a-property-tax-protest-and-win-the-battle/): Texans tend to file a property tax protest when they receive a property tax assessment that serves as a prelude... - [What To Expect From The Recent Property Tax Reform Bill](https://www.hegwoodgroup.com/what-to-expect-from-the-recent-property-tax-reform-bill/): Throughout the latest administration, Dallas residents have witnessed significant tax reform movements that have had an impact on property taxes... - [Why Are Your Property Taxes So High?](https://www.hegwoodgroup.com/why-are-your-property-taxes-so-high/): If you’re a Texas homeowner, then you are already well aware of the surging property taxes the Dallas-Fort Worth area... - [The High Price & Higher Risk Of Property Tax Loans](https://www.hegwoodgroup.com/the-high-price-higher-risk-of-property-tax-loans/): The risk of losing one’s home to foreclosure due to non-payment of property taxes is one that no homeowner should... - [4 Common Tax Mistakes First-Time Property Owners Make](https://www.hegwoodgroup.com/4-common-tax-mistakes-first-time-property-owners-make/): Taxes are no joke, so getting them done right should be your priority at this time of the year. While... - [The Consequences of Not Paying Your Property Taxes](https://www.hegwoodgroup.com/the-consequences-of-not-paying-your-property-taxes/): Property tax payments are a given for any Dallas homeowner. Many people have these payments taken out in their monthly... - [What About Property Taxes After Death](https://www.hegwoodgroup.com/property-taxes-and-more-after-death/): Death is an unfortunate aspect of everyone’s lives. When it happens, it is unexpected and many people’s situations become turned... - [4 Things to Remember About Your 2019 Property Assessment](https://www.hegwoodgroup.com/4-things-to-remember-about-your-2019-property-assessment/): Every year Dallas homeowners receive a property assessment notice. This notice shows homeowners the assessed value of their property by... - [5 Signs You Need to Hire a Property Tax Consultant in 2019](https://www.hegwoodgroup.com/5-signs-you-need-to-hire-a-property-tax-consultant-in-2019/): 2019 is just around the corner and it is time to start finalizing your property tax payments from last year.... - [What is the Property Owner Rule](https://www.hegwoodgroup.com/what-is-the-property-owner-rule/): Every year, when your property tax assessment arrives, you should be thinking about ways that the County Assessor could have... - [4 Tips to Lower Your Commercial Property Taxes](https://www.hegwoodgroup.com/4-tips-to-lower-your-commercial-property-taxes/): Every business owner in Dallas that works out of their own building pays commercial property taxes. On top of other... - [4 Mistakes and Misconceptions Made About Property Tax Appeals](https://www.hegwoodgroup.com/4-mistakes-and-misconceptions-made-about-property-tax-appeals/): When you believe that you are overpaying on your personal property tax, you may make swift moves towards an appeal.... - [How to Protect Your Commercial Property From Market Fluctuations](https://www.hegwoodgroup.com/how-to-protect-your-commercial-property-from-market-fluctuations/): It is common knowledge that real estate property tax fluctuates. Homes are remodeled, property values are reassessed on a regular... - [Common Property Tax Assessment Mistakes](https://www.hegwoodgroup.com/common-property-tax-assessment-mistakes/): A property tax bill is something that many homeowners wish they could challenge in order to avoid paying a large... - [Real Estate Capital Gains Tax 101](https://www.hegwoodgroup.com/real-estate-capital-gains-tax-101/): Dallas homeowners pay property tax every year and may have a good idea of how tax law works and the... - [3 Reasons You Could Be Exempt from Property Tax](https://www.hegwoodgroup.com/3-reasons-you-could-be-exempt-from-property-tax/): Property tax exemption may seem like a fairy tale for most homeowners. However, there are some ways that you can... - [4 Questions Answered About Sales and Use Tax](https://www.hegwoodgroup.com/4-questions-answered-about-sales-and-use-tax/): Sales and use tax in Texas is one of the most common encounters in retail. When a person goes out... - [Approaching the Process of Prepaying Your Property Tax](https://www.hegwoodgroup.com/approaching-the-process-of-prepaying-your-property-tax/): Most Dallas homeowners dread that early February date when property tax payments are due. As the payment time approaches, stress... - [5 Tips for Filing a Property Tax Protest](https://www.hegwoodgroup.com/5-tips-for-filing-a-property-tax-protest/): Every year property owners across Dallas receive a property tax bill. Also, every year, it always seems a little on... - [3 Ways the New Tax Code Impacts Housing Costs](https://www.hegwoodgroup.com/3-ways-the-new-tax-code-impacts-housing-costs/): At the end of 2017, President Donald Trump signed the Tax Cuts and Jobs Act and created a flurry of... - [How Rental Rates Help Determine a Property’s Value](https://www.hegwoodgroup.com/how-rental-rates-help-determine-a-propertys-value/): Property value is something that can be determined by several factors. From curbside appeal to the rise of surrounding, booming... - [4 Ways A Property Tax Consultant Can Help Reduce Your Bill](https://www.hegwoodgroup.com/4-ways-a-property-tax-consultant-can-help-reduce-your-bill/): Property tax bills are expensive but are not always set at a final payment price. Find out how a Dallas... - [Saving Property Tax Money on Commercial Properties](https://www.hegwoodgroup.com/saving-property-tax-money-on-commercial-properties/): Property tax is something that all homeowners need to pay every year; it simply cannot be avoided. While these taxes... - [What are the Differences in Property Taxes for Multi-Family Vs. Single-Family Properties](https://www.hegwoodgroup.com/property-taxes-for-multi-family-vs-single-family/): One of the most heated debates in the property tax world is the key differences between property taxes for multi-family... - [Understanding Homesteads and Over 65 Property Tax Exemptions](https://www.hegwoodgroup.com/understanding-homestead-exemption/): There are several ways to gain exemptions on your property taxes. However, there is a specific exemption in the state... - [How Does Your Property Tax Impact Your Community?](https://www.hegwoodgroup.com/property-tax-impact-community/): If you own residential or commercial real estate, then you already know that property taxes are a large annual expense.... --- # # Detailed Content ## Pages - Published: 2025-03-06 - Modified: 2025-03-06 - URL: https://www.hegwoodgroup.com/services/property-tax-appeals/ Property Tax Appeal Services Our property tax consultants at Hegwood Group can reconcile the tax amount due to the results achieved through an appeal or filing a property tax rendition or return. REASONS TO APPEAL PROPERTY TAX ASSESSMENTS Many property owners don’t realize that they are overpaying on their property tax in Texas. If your property is assessed at a higher value than its actual market worth, you may be paying more taxes than necessary. There are several reasons to appeal property tax assessment, including overvaluation, incorrect property details, unequal appraisal or missed tax exemptions to reduce your tax burden. If you believe that your property tax assessment is too high, contact Hegwood Group to help protest your property taxes in Texas. Reach out to Hegwood Group today at 972-248-9574 and speak with our property tax consultants to get started! HOW TO APPEAL PROPERTY TAXES IN TEXAS Our property tax appeal services handle the entire process from start to finish, while minimizing the cost. Navigating the property tax appeal process can be complex, but the experts at Hegwood Group help you receive the best possible outcome. Our property tax experts will: Review Property Appraisal Gather Supporting Evidence File Texas Property Tax Protest Attend Hearing Negotiation or Pursue Litigation PROTESTING PROPERTY TAXES IN TEXAS WITH HEGWOOD GROUP Our property tax consultants advocate on your behalf to secure the best possible reduction with our property tax appeal services. We analyze the market data, recent property sales, and conditions to determine if your... --- - Published: 2025-03-06 - Modified: 2025-03-06 - URL: https://www.hegwoodgroup.com/services/property-tax-exemptions-abatement-texas/ Property Tax Exemptions & Property Tax Abatement Texas The property tax advisors at Hegwood Group can help you file your property tax exemptions and property tax abatements in Texas. PROPERTY TAX ABATEMENTS AND PROPERTY TAX EXEMPTIONS IN TEXAS Property Taxes can be a significant expense for homeowners and businesses alike. However, Texas offers property tax exemptions and abatements that can help reduce or even eliminate property tax fees. At Hegwood Group, we understand these tax laws and how to stay compliant. We maximize your savings by identifying and securing property tax exemptions and abatements. Reach out to Hegwood Group today at 972-248-9574 and speak with our property tax consultants to get started! WHAT IS A PROPERTY TAX ABATEMENT VS PROPERTY TAX EXEMPTION A property tax abatement is a tax break or incentive. These abatements typically extend over a longer period, whereas property tax exemptions usually apply for a shorter duration, often up to a year. In some cases, property owners may qualify for specific programs that grant full exemption from paying property taxes. HOW TO FILE FOR PROPERTY TAX EXEMPTION AND PROPERTY TAX ABATEMENT Filing for a property tax exemption or abatement requires you to gather the necessary documentation, and submit applications to the appropriate taxing authorities. Determine Eligibility: There are specific requirements for eligibility based on the property, ownership, and use of the property. Research who is exempt from paying property taxes in Texas Gather Documents: Compile all the supporting documents required by your local tax authority. These include... --- - Published: 2025-03-06 - Modified: 2025-03-06 - URL: https://www.hegwoodgroup.com/services/budgeting-forecasting-property-tax/ Property Tax Budget and Forecasting Services Do you need help with the property tax budget for this year’s annual property tax expenses? The property tax consultants at Hegwood Group will analyze your real estate and fixed assets to provide precise estimates of your future property tax liabilities. HOW TO CALCULATE PROPERTY TAX IN TEXAS Failing to budget your property taxes each year can lead to a financial strain as a property owner. Since tax rates and valuations change each year, working with a property tax advisor can help prepare and estimate your upcoming tax obligations. Texas property tax rates vary by county and city, making it crucial to forecast property taxes effectively. Several key factors include your tax liability, which includes the appraised value, potential tax exemptions, the local tax rate, and any additional fees. We help you calculate property taxes in Texas and forecast your upcoming tax expenses. Contact Hegwood Group at 972-248-9574 to speak with our property tax consultants to budget and forecast your property taxes for the upcoming year. OUR PROPERTY TAX BUDGETING AND FORECASTING PROCESS With our proactive and data-driven approach to property tax budget and forecasting services, you can ensure that there will be no unexpected financial surprises. Our process includes: Data Collection & Review: We analyze all real estate and fixed assets, track acquisitions and disposal to confirm accurate valuation. Tax Rate & Market Analysis: Our property tax advisors will evaluate historical trends, and changes to the local tax rate to predict future liabilities.... --- - Published: 2025-03-03 - Modified: 2025-03-03 - URL: https://www.hegwoodgroup.com/dallas-county-property-taxes/ Dallas County Property Taxes Property Tax In Dallas County Hegwood Group is a property tax consulting firm committed to helping property owners for residential or commercial properties navigate the complex property taxes in Dallas County. With years of experience, our property tax services minimize that tax burden while staying compliant with local tax laws. The property tax advisors at Hegwood Group specialize in Dallas County property tax appeals, identify deductions, exemptions, and other tax savings. Take advantage of our Dallas County property tax planning advice today! Call us at 972-248-9574 to speak with our property tax consultants in Dallas County. If we can’t reduce your property taxes, then our services are free! Dallas County Property Tax Solutions Property Tax Consulting in Texas At the Hegwood Group, our consultants provide our clients with a full range of comprehensive property tax solutions Business Property Tax Consulting Business / Tangible personal property are assets used to produce income and are subject to taxation in most states. Real Estate Tax & Ad Valorem Property Tax Real estate property taxes can be the single largest expense for a property owner; especially in Texas. Texas Sales And Use Tax Consulting Through our alliance with state tax professionals, the Hegwood Group offers a wide range of specialized sales and use tax consulting services. PROPERTY TAX DALLAS COUNTY SERVICES Our Dallas County property tax services are customized to provide full support for Dallas County property taxes. With extensive experience in property tax management, we remain compliant with local... --- - Published: 2025-02-17 - Modified: 2025-02-17 - URL: https://www.hegwoodgroup.com/helpful-links/ Helpful LinksCheck out the links below for more information about property taxes in Texas" Texas Property Tax System Dallas Central Appraisal Tarrant Appraisal District Collin Central Appraisal District Denton Central Appraisal District Rockwall Central Appraisal District Ellis Appraisal District How Can We Help You? 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Consent for SMS Communication By providing your consent to receive SMS communications, you acknowledge and agree to receive text messages from Hegwood Group at the phone number you provide. Information obtained as part of the SMS consent process will not be shared with third parties. 3. Types of SMS Communications If you have consented to receive text messages, you may receive SMS communications related to the following: Customers and Guests: Updates regarding your orders, deliveries, or other relevant information. Job Applicants: Information about your application status, onboarding materials, or other employment-related updates. 4. Standard Messaging Disclosures Message and data rates may apply. Standard messaging rates will be charged by your mobile service provider. You can opt-out of receiving SMS messages at any time by texting "STOP" to the number from which you received the message. For assistance, text "HELP" or visit our https://www. hegwoodgroup. com/privacy/ and https://www. hegwoodgroup. com/terms-and-conditions/. 5. Privacy We respect your privacy and will only use the information you provide to communicate with you via SMS as outlined above. Your personal data will not be shared with third parties unless required by law or as necessary to deliver the requested service. 6. Modifications We reserve the right to update... --- - Published: 2024-11-05 - Modified: 2025-08-21 - URL: https://www.hegwoodgroup.com/rockwall-county-property-taxes/ Rockwall County Texas Property Taxes Property Tax Consultants Rockwall County At Hegwood Group, we help both residential and commercial property owners navigate the complex Rockwall County Texas property taxes. With years of experience, our property tax advisors assist in property tax appeals, identify potential tax deductions, and achieve substantial tax savings while staying aligned with local regulations. To learn how we can help you save money on your Rockwall County property tax, contact the experts at Hegwood Group. Take advantage of our North Texas property tax services to reduce your property taxes. Whether you’re a large corporation, small business owner, real estate investor, or individual, we can help. Call us at 972-248-9574 to speak with our property tax consultants in Rockwall County. Rockwall County Tax Solutions Property Tax Consulting in Texas At the Hegwood Group, our consultants provide our clients with a full range of comprehensive property tax solutions Business Property Tax Consulting Business / Tangible personal property are assets used to produce income and are subject to taxation in most states. Real Estate Tax & Ad Valorem Property Tax Real estate property taxes can be the single largest expense for a property owner; especially in Texas. Texas Sales And Use Tax Consulting Through our alliance with state tax professionals, the Hegwood Group offers a wide range of specialized sales and use tax consulting services. North Texas Property Tax Services Our North Texas property tax services are tailored to offer clients full support on property taxes in Rockwall County. Our... --- - Published: 2024-11-05 - Modified: 2025-07-01 - URL: https://www.hegwoodgroup.com/collin-county-texas-property-tax/ Collin County Texas Property Tax Consultants Collin County's Most Trusted Property Tax Experts With years of experience, the property tax advisors at Hegwood Group have assisted homeowners and property owners in lowering their tax burden. Our property tax advisors help both residential and commercial property owners navigate complex property tax appeals, identify potential tax deductions, and achieve substantial tax savings while staying aligned with local regulations. Give us a call today to learn how we can help you save money on your property taxes in Collin County, Texas. Take advantage of our property tax services to reduce tax liability today! Collin County Property Tax Solutions Property Tax Consulting in Texas At the Hegwood Group, our consultants provide our clients with a full range of comprehensive property tax solutions Business Personal Property Tax Business / Tangible personal property are assets used to produce income and are subject to taxation in most states. Real Estate Tax & Ad Valorem Property Tax Real estate property taxes can be the single largest expense for a property owner; especially in Texas. Texas Sales And Use Tax Consulting Through our alliance with state tax professionals, the Hegwood Group offers a wide range of specialized sales and use tax consulting services. Whether you’re a large corporation, small business owner, real estate investor, or individual, we can help. Call us at 972-248-9574 to speak with our property tax consultants in Collin County. Collin County Property Tax Services Our property tax services are tailored to offer clients full support... --- - Published: 2024-11-05 - Modified: 2025-03-03 - URL: https://www.hegwoodgroup.com/practice-areas/ Property Tax Consultants In North Texas AREAS WE SERVE Hegwood Group is proud to offer expert tax consulting services throughout North Texas. Our tax advisors are dedicated to delivering comprehensive, tailored tax solutions that help individuals and businesses navigate complex tax regulations and minimize tax liabilities. Check out our practice areas to see how we can help you! COLLIN COUNTY DALLAS COUNTY DENTON COUNTY ELLIS COUNTY ROCKWALL COUNTY TARRANT COUNTY 972. 248. 9574 17000 Dallas Pkwy # 222 Dallas, Texas 75248 How Can We Help You? 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CAPTCHA gform. initializeOnLoaded( function {gformInitSpinner( 1, 'https://www. hegwoodgroup. com/wp-content/plugins/gravityforms/images/spinner. svg', true );jQuery('#gform_ajax_frame_1'). on('load',function{var contents = jQuery(this). contents. find('*'). html;var is_postback = contents. indexOf('GF_AJAX_POSTBACK') >= 0;if(! is_postback){return;}var form_content = jQuery(this). contents. find('#gform_wrapper_1');var is_confirmation = jQuery(this). contents. find('#gform_confirmation_wrapper_1'). length > 0;var is_redirect = contents. indexOf('gformRedirect{') >= 0;var is_form = form_content. length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html'). css('margin-top'), 10) + parseInt(jQuery('body'). css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_1'). html(form_content. html);if(form_content. hasClass('gform_validation_error')){jQuery('#gform_wrapper_1'). addClass('gform_validation_error');} else {jQuery('#gform_wrapper_1'). removeClass('gform_validation_error');}setTimeout( function {... --- - Published: 2024-10-04 - Modified: 2024-11-05 - URL: https://www.hegwoodgroup.com/ellis-county-property-taxes/ Ellis County Property Taxes Property Tax Consultants In Ellis County Navigating property taxes in Ellis County Texas can get complicated, but partnering with the Hegwood Group ensures you maximize savings and stay compliant. Regardless of whether it’s a residential or commercial property, Our professional property tax advisors can make a significant difference in your property taxes. We can reduce and manage our clients’ annual Ellis County property tax expenses while minimizing the cost. Hegwood Group property tax consultants work with property owners in Ellis County who manage large or complex properties but also work with individual homeowners. Give us a call today to learn how we can help save money by reducing over-assessed property value. Take advantage of our property tax planning services to minimize your property tax liabilities today! A Full Suite of Property Tax Consulting Services Property Tax Consulting in Texas At the Hegwood Group, our consultants provide our clients with a full range of comprehensive property tax solutions Business Property Tax Consulting Business / Tangible personal property are assets used to produce income and are subject to taxation in most states. Real Estate Tax & Ad Valorem Property Tax Real estate property taxes can be the single largest expense for a property owner; especially in Texas. Texas Sales And Use Tax Consulting Through our alliance with state tax professionals, the Hegwood Group offers a wide range of specialized sales and use tax consulting services. Whether you’re a large corporation, small business owner, real estate investor, or individual,... --- - Published: 2024-10-04 - Modified: 2025-08-21 - URL: https://www.hegwoodgroup.com/denton-county-property-taxes/ Denton County Property Taxes Property Tax Denton County Texas Hegwood Group offers property tax consulting services in Denton County Texas, specializing in helping both residential and commercial property owners reduce their tax burden. With years of experience, our property tax advisors assist clients in navigating property tax appeals, ensuring compliance, and identifying potential tax deductions and credits. Our personalized approach helps property owners achieve significant savings while staying compliant with local tax regulations. Take advantage of our North Texas property tax services to reduce your property tax liabilities today! Denton County Property Tax Solutions Property Tax Consulting in Texas At the Hegwood Group, our consultants provide our clients with a full range of comprehensive property tax solutions Business Property Tax Consulting Business / Tangible personal property are assets used to produce income and are subject to taxation in most states. Real Estate Tax & Ad Valorem Property Tax Real estate property taxes can be the single largest expense for a property owner; especially in Texas. Texas Sales And Use Tax Consulting Through our alliance with state tax professionals, the Hegwood Group offers a wide range of specialized sales and use tax consulting services. Whether you’re a large corporation, small business owner, real estate investor, or individual, we can help. Call us at 972-248-9574 to speak with our property tax consultants in Denton County. Denton County Property Tax Solutions Our property tax services are tailored to offer clients full support for Denton County property taxes. With years of property tax experience,... --- - Published: 2024-09-30 - Modified: 2025-12-05 - URL: https://www.hegwoodgroup.com/tarrant-county-property-taxes/ Tarrant County Property Taxes GET STARTED TODAY! Property Tax Consultants In Tarrant County Our property tax consultants in Tarrant County are specialized advisors who help property owners navigate the complexities of property tax assessments and reduce their tax burdens. The Hegwood Group property tax advisors provide valuable services, including evaluating property values, filing protests, and ensuring that the property taxes are accurate. Our property tax advisors stay updated on local tax regulations, market trends, and property appraisal practices, enabling them to make strong arguments when contesting high property assessments. We work with property owners who manage large or complex properties, but also individual homeowners. Give us a call today to learn how we can help save money by reducing over-assessed property values and lowering their annual tax obligations. A Full Suite of Property Tax Consulting Services Property Tax Consulting in Texas At the Hegwood Group, our consultants provide our clients with a full range of comprehensive property tax solutions Business Property Tax Consulting Business / Tangible personal property are assets used to produce income and are subject to taxation in most states. Real Estate Tax & Ad Valorem Property Tax Real estate property taxes can be the single largest expense for a property owner; especially in Texas. Sales And Use Tax Consulting Through our alliance with state tax professionals, the Hegwood Group offers a wide range of specialized sales and use tax consulting services. HAVE QUESTIONS ABOUT YOUR PROPERTY TAX? Whether you’re a large corporation, small business owner, real estate... --- - Published: 2018-04-02 - Modified: 2025-06-02 - URL: https://www.hegwoodgroup.com/faq/ Frequently Asked Questions Below are some of the most frequent questions we encounter. Please contact us at 972-248-9574 to speak with a tax consultant for additional information. General Questions If a formal hearing before the Appeals Board is necessary, you will not be required to attend it. We will take care of just about everything; however, we will need your cooperation on a few items. This might include forwarding any correspondence you get from the Appraisal Office to us, or allowing us to visit your property to identify items of depreciation. You will only get a refund if a value reduction is obtained after your taxes are paid. In most cases, the value is settled prior to tax bills being issued for the current year. We will send you an invoice when we have documented evidence of your value reduction and tax savings. “Tax Savings” are computed by subtracting the Final Certified Value from the Notice of Appraised Value for the applicable year, multiplied by the tax rate available at the time of billing. For example, if the Appraisal Office places a preliminary value of $100,000 on your property and the Hegwood Group reduces that value to $80,000 and your tax rate is 3%, then the savings would be $600. This is a big reason to work with a property tax consultant. Typically, we prefer to work on a contingency basis where our fee is a percentage of the computed tax savings. With a contingency arrangement, if we can’t reduce... --- - Published: 2018-03-30 - Modified: 2025-05-13 - URL: https://www.hegwoodgroup.com/services/business-personal-property-tax-consulting/ Business Personal Property Tax Texas Business Personal Property Tax is a tax on the tangible assets a business owns and uses in its operations. This can include equipment, furniture, computers, and other items. TEXAS' MOST TRUSTED EXPERTS IN BUSINESS PERSONAL PROPERTY TAX Understanding the complexities of business personal property tax can be overwhelming for many business owners. Questions like "What is business personal property tax? " and how it impacts their operations often create confusion. That’s why property owners across Texas turn to the experienced consultants at Hegwood Group to manage their business personal property tax obligations. At Hegwood Group, our property tax consultants specialize in accurately identifying and classifying your business assets to ensure proper reporting and compliance. If you're unsure what business personal property tax is or how it affects your business, our team is here to help. Contact Hegwood Group in Dallas, Texas, today! CALL THE HEGWOOD GROUP TODAY AT 972-248-9574 TO SPEAK WITH AN EXPERIENCED BUSINESS PERSONAL PROPERTY TAX PROFESSIONAL OUR CONSULTING SERVICES FOR BUSINESS PERSONAL PROPERTY TAX INCLUDE: Partner with Hegwood Group to leverage our expertise and customized solutions to optimize your business property tax obligations. Our business personal property tax consulting services encompass: Filing or business personal property renditions and returns Asset classification Inventory reporting Leased Asset Reporting Equipment Reporting Given the complexity of business property tax, it’s no surprise that most businesses hire business property tax consultants. FILING OF BUSINESS PERSONAL PROPERTY RENDITIONS AND TAX RETURNS Let’s face it, tax forms are complex... --- - Published: 2018-03-30 - Modified: 2025-05-13 - URL: https://www.hegwoodgroup.com/services/real-estate-tax/ Texas Real Estate Taxes & Ad Valorem Tax Real estate tax, also known as ad valorem tax, is a tax based on the assessed value of real estate property, and in Texas, this tax is imposed by local taxing authorities. Don't navigate these tax obligations alone. Contact the Hegwood Group today. LOCAL REAL ESTATE TAX CONSULTANTS Real Estate Property Tax, also known as Ad Valorem Tax, can be the single largest expense for a property owner, especially in Texas, where rising property values have driven higher tax assessments. A typical property tax assessment appeal may involve services such as valuation analysis, market research, documentation review, and representation before appraisal review boards. Whether you own commercial, residential, or investment properties, our comprehensive real estate tax consulting services are designed to protect your bottom line and ensure you're not overpaying due to inaccurate or inflated assessments. Don't wait, contact Hegwood Group today to help you take control of your Dallas-Fort Worth real estate tax burden! CALL HEGWOOD GROUP LP, AT 972-248-9574 FOR TEXAS REAL ESTATE & AD VALOREM PROPERTY TAX. The Hegwood Group’s Ad Valorem Property Tax Reduction Process: 1) Initial Property Tax Consultation and Evaluation Our real estate property tax consultants analyze every property tax problem from their own perspective to achieve the best results. For that purpose, we will arrange an initial ad valorem tax consultation and evaluation meeting with our clients to get a detailed view of the exact problem. 2) Property Value Analysis and Determination Real estate property... --- - Published: 2018-03-30 - Modified: 2025-06-02 - URL: https://www.hegwoodgroup.com/services/texas-sales-and-use-tax-consulting/ Sales and Use Tax Find out how to avoid penalties for sales and use tax in Texas. Get expert guidance and help from the leading tax consultants, the Hegwood Group, LP. TEXAS SALES AND USE TAX Through our alliance with State Tax Professionals, the Hegwood Group, LP offers consulting services for sales and use tax in Texas. Our dedicated team of Texas sales and use tax consultants will work to resolve your tax needs and problems. It is our first priority to protect all types of businesses from the devastating effects of non-compliance with the Texas sales and use tax laws, regulations, and procedures. CALL 972-248-9574 TO SPEAK WITH AN EXPERIENCED TAX CONSULTANT ABOUT SALES AND USE TAX IN TEXAS! SALES AND USE TAX CONSULTING SERVICES We offer tax consulting services that are available for sales and use tax projects, including, but not limited to: Taxability issues Multi-state research Private letter rulings Training Nexus reviews Voluntary disclosure agreements TEXAS SALES AND USE TAX AUDITS AND TAX APPEALS Client representation throughout all stages of a sales and use tax audit is fundamental to achieving a successful audit. Our goal is to reduce the audit liability for our clients. Our Texas sales and use tax audit defense services are available to: Assist in all stages of the audit process — our experts work with the auditor to ensure an accurate audit assessment; and Assist the taxpayer in reducing audit liability after the initial assessment has been made by the state. OVERPAYMENT ON... --- - Published: 2018-03-30 - Modified: 2018-04-09 - URL: https://www.hegwoodgroup.com/services/ad-valorem-tax/ Ad Valorem Tax Our property tax consultants are former county appraisers who can give you the best chance to negotiate a lower assessment for your property. Ad valorem taxes are imposed on real estate or personal property. This form of tax is levied by your local government counties, municipalities, school districts, and special taxing districts. How are Ad Valorem Taxes Determined? Ad valorem taxes are usually assessed annually and are solely based on the percentage of the assessed value of the property being taxed. When you purchased your real estate or property that is being taxed, you probably learned a lot about Fair Market Value. Generally, fair market value is the price that you were willing to pay for your property as well as the amount the seller of your property was willing to accept. When it comes to determining the amount of ad valorem tax, fair market value is used to define the amount of assessed personal property tax based on the annual determination of the fair market value of your property. When is Ad Valorem Tax Calculated? Ad valorem taxes are calculated as of January 1 each year. At that time, the taxing authority hires a property appraisal expert to value your taxable property. To help determine the fair market value of your property, the appraiser uses established appraisal criteria, including the following factors: The cost of the taxed property. The cost of depreciation of the property being taxed. The comparable market data. The use of the taxed... --- - Published: 2018-03-30 - Modified: 2025-03-06 - URL: https://www.hegwoodgroup.com/services/other-tax-services/ Other Property Tax Services Our experienced property tax consultants can handle a variety of property tax services, including filing for property tax exemptions and property tax abatements, property tax budgeting and forecasting, and reconciliation of property tax statements. tax abatements and property tax exemptions in Texas Our experienced property tax consultants can handle a variety of property tax services, including filing for property tax exemptions and tax abatements, property tax budgeting and forecasting, and reconciliation of property tax statements. At the Hegwood Group, our property tax consultants specialize in appealing property tax assessments in Texas and across the nation. However, property tax savings and management can include other services such as the following: SPEAK TO THE EXPERTS AT HEGWOOD GROUP IN DALLAS TEXAS. GIVE US A CALL AT 972-248-9574 OR FILL OUT THE FORM ONLINE! FILING FOR PROPERTY TAX EXEMPTIONS AND PROPERTY TAX ABATEMENTS Our property tax consultants review every real estate and personal property account to identify any potential property tax savings through a property tax exemption or tax abatement. Property Tax exemptions and tax abatements are offered by most assessor’s offices and local taxing entities but an application process is typically required. That’s where we come in. We will manage filing processes and assist with any needed documentation. Examples of typical property tax exemptions and tax abatements are: Agricultural Tax Exemptions for farming and ranching Residential Homestead and Over-65 Tax Exemptions Charitable/Religious Organization Tax Exemptions Revitalization Tax Abatements Business Incentive Tax Abatements PROPERTY TAX BUDGETING AND FORECASTING Do... --- - Published: 2018-03-28 - Modified: 2025-05-12 - URL: https://www.hegwoodgroup.com/services/property-tax-consultants/ Property Tax Consultants Our experienced property tax consultants at Hegwood Group can help you navigate through the complexities of property taxes in Dallas-Fort Worth, Texas. REDUCE YOUR PROPERTY TAXES IN TEXAS Our property tax advisors at Hegwood Group specialize in helping property owners reduce their tax liabilities. We carefully evaluate property assessments to determine their accuracy and fairness. If an assessment appears inflated or incorrect, we guide clients through the property tax appeal process and advocate on their behalf to secure a fair outcome. We proudly serve homeowners, business owners, real estate developers, and investors by minimizing tax burdens and ensuring full compliance with local and state regulations. Whether you need assistance with filing a property tax appeal, conducting a property assessment, or managing compliance and administration, our team leverages proven strategies to resolve your property tax challenges efficiently and effectively. Call the Hegwood Group today at 972-248-9574 to speak with our professional tax consultants who specialize in property tax in North Texas. PROPERTY TAX SERVICES At Hegwood Group, our seasoned property tax advisors help residential and commercial property owners minimize their tax liabilities. With decades of experience in the Dallas market, we understand how to navigate complex property tax issues, ensuring you only pay your fair share. PROPERTY TAX COMPLIANCE SERVICES Our property tax compliance services are designed to provide clients with comprehensive support by navigating complex regulations, minimizing tax burdens, and achieving optimal outcomes. Our property tax compliance services include: Filing of Personal Property Renditions and Tax Returns... --- - Published: 2018-03-06 - Modified: 2024-04-02 - URL: https://www.hegwoodgroup.com/blog/ Protest Property Taxes in Denton County Posted on November 26, 2025 Here in North Texas, we’ve all experienced it. That envelope arrives from the Denton Central Appraisal District (DCAD) in the spring. You open it, and the number you see — your property’s new appraised value — causes immediate “sticker shock.” As Denton County continues to be one of the fastest-growing regions in the country, property values have soared. And while that’s great for your equity, it brings a heavy burden: your annual Denton County Property Tax bill. We see countless property owners who feel resigned, believing these new values are non-negotiable. They just brace for the bill in October and […] Read More What Is Ad Valorem Tax In Texas? Posted on October 28, 2025 Every year, a particular envelope arrives in the mailboxes of property owners across Texas. For many, it’s a source of anxiety and confusion. You open it to find a document filled with numbers, legal jargon, and a final figure that can significantly impact your annual budget. We’re talking, of course, about your property tax bill. But have you ever paused to look at the specific terminology on that statement? One phrase you’ll undoubtedly find is “ad valorem tax.” It sounds formal, perhaps a bit intimidating, but understanding this concept is the first and most crucial step toward taking control of […] Read More How to Prepare for a Business Personal Property Tax Audit Posted on September 26, 2025 Receiving a notice from the appraisal... --- - Published: 2018-03-06 - Modified: 2024-04-02 - URL: https://www.hegwoodgroup.com/clients/ Property Tax Client Testimonials --- - Published: 2015-06-10 - Modified: 2025-10-28 - URL: https://www.hegwoodgroup.com/ Texas Property Tax Consultants Reduce Your Property Taxes With Hegwood Group LP The Hegwood Group is a trusted property tax consulting firm that is committed to helping property owners navigate through the property tax system by providing a full range of property tax consulting services in North Texas. Our experienced property tax consultants have years of tax consulting experience to effectively handle property tax appeals, identify tax deductions and credits, and make sure you are in compliance for a variety of property types, including commercial property, residential property, and business personal property. Take advantage of our property tax planning advice to minimize your property tax liabilities today. Our team of property tax advisors reduces and manages your annual property tax expenses while keeping costs low. In fact, if we can’t reduce your property taxes, then our property tax services are free! A Full Suite of Residential and Commercial Property Tax Consulting Services Texas Property Tax Consulting Our property tax consultants provide our property owners with a full range of comprehensive property tax solutions Business Personal Property Taxes Business / Tangible personal property taxes are assets used to produce income and are subject to taxation in most states. Real Estate Property Tax & Ad Valorem Tax Real Estate Property Tax, also known as Ad Valorem Tax, can be the single largest expense for any property owner in Texas. Texas Sales and Use Tax Consulting Our dedicated team of Texas sales and use tax consultants will work to resolve tax issues and... --- - Published: 2015-06-10 - Modified: 2024-08-22 - URL: https://www.hegwoodgroup.com/about-us/ About The Hegwood Group, LP The Hegwood Group is a full service property tax consulting group. We provide optimal property tax results -- or our service is free. The Hegwood Group, LP is a full-service provider of property tax consulting services and compliance for business and real estate property. Our core competency is property tax reduction and recovery at a reasonable price. In fact, if we can’t reduce your property taxes, then our services are free. Our staff of property tax professionals includes former county appraisal office appraisers. We have a complete and thorough understanding of the appraisal office’s methodologies that can only be obtained by having worked there. With several decades of combined experience in the property tax industry, we know what works and what doesn’t. We employ all aspects of appraisal theory when analyzing our client’s properties. This can include comparing the current and past marketplace trends, income projection and cash flow evaluation, equal and uniform analysis, as well as the physical and economic factors affecting the property. We’ll find any and all potential property tax savings opportunities. We offer flexible contingency-based fee structures for business and commercial properties. The contingency arrangement prevents the cost from negating the savings and guarantees our services are free if we don’t save you money. We also offer flat-fee arrangements or a combination of contingency and flat fee. Unfortunately, we are unable to completely eliminate your property taxes, but we can control and minimize this yearly expense. If you have any tax... --- - Published: 2015-06-10 - Modified: 2025-01-07 - URL: https://www.hegwoodgroup.com/contact-us/ Contact The Hegwood GroupProperty tax consultants are standing by Please feel free to call or drop us a note using the form below. Our team will respond as soon as possible. You may follow us on Facebook or Twitter for frequent updates. address 17000 Dallas Pkwy # 222 Dallas, Texas 75248 phone 972. 248. 9574 email info@hegwoodgroup. com 972. 248. 9574 How Can We Help You? 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Praesent dictum vulputate estid laoreet nibh bibendum acun aesent vitae pulvinar orci etiam utun fermentum. hosting and SSL Lorem ipsum dolor sit amet consectetur adipisicing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliquat enim ad minim veniam quis nostrud exercitation. LEARN MOREsmart domain search Lorem ipsum dolor sit amet consectetur adipisicing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliquat enim ad minim veniam quis nostrud exercitation. GET HELPEDonline marketing Lorem ipsum dolor sit amet consectetur adipisicing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliquat enim ad minim veniam quis nostrud exercitation. THE RULESeconomic packets Lorem ipsum dolor sit amet consectetur adipisicing elit sed do eiusmod tempor. Managed Dedicated Servers. Lorem ipsum dolor sit amet consectetur adipisicing elit sed do eiusmod tempor. GET STARDED! Search Domain Domains only from 3. 55/per year frequently asked questions Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua etomo enim ad minim veniam, quis nostrud exercitation. Start Building Your Website Today! Starting At Only 3. 45/mo*GET STARTED! --- --- ## Posts - Published: 2025-11-26 - Modified: 2025-11-26 - URL: https://www.hegwoodgroup.com/protest-property-taxes-in-denton-county/ - Categories: Property Tax Consultants, Property Tax Consulting Here in North Texas, we’ve all experienced it. That envelope arrives from the Denton Central Appraisal District (DCAD) in the spring. You open it, and the number you see — your property's new appraised value — causes immediate "sticker shock. " As Denton County continues to be one of the fastest-growing regions in the country, property values have soared. And while that's great for your equity, it brings a heavy burden: your annual Denton County Property Tax bill. We see countless property owners who feel resigned, believing these new values are non-negotiable. They just brace for the bill in October and pay it. But we're here to tell you that your Notice of Appraised Value is not a bill. It is an opinion of value. And as a Texas property owner, you have the right to challenge that opinion. Understanding your rights and the protest process is the single most effective way to manage your largest property-related expense. But it's a system with specific rules and critical deadlines. In this post, we'll walk through the essential deadlines for your Property Tax Denton County bill, the detailed steps on how to protest, and why partnering with professional Property Tax Consultants can be the most valuable investment you make all year. When Are Denton County Property Taxes Due? And What If You’re Late? Before we dive into protesting your value, let's clarify the payment timeline. The two are often confused, but property taxes that are due happen at opposite ends of the... --- - Published: 2025-10-28 - Modified: 2025-10-28 - URL: https://www.hegwoodgroup.com/what-is-ad-valorem-tax-in-texas/ - Categories: Property Tax Consultants, Property Tax Consulting, Real Estate Tax Every year, a particular envelope arrives in the mailboxes of property owners across Texas. For many, it's a source of anxiety and confusion. You open it to find a document filled with numbers, legal jargon, and a final figure that can significantly impact your annual budget. We’re talking, of course, about your property tax bill. But have you ever paused to look at the specific terminology on that statement? One phrase you’ll undoubtedly find is "ad valorem tax. " It sounds formal, perhaps a bit intimidating, but understanding this concept is the first and most crucial step toward taking control of your financial obligations as a property owner. For homeowners and business owners alike, the figures associated with property taxes in Texas can feel like a moving target. They seem to rise each year, but the reasons why are not always clear. This lack of clarity can leave you feeling powerless. But what if we told you that you have more agency in this process than you think? The key is knowledge. By demystifying the ad valorem tax, you can move from being a passive recipient of a bill to an informed advocate for your property's fair valuation. In this guide, we will break down exactly what an ad valorem tax Texas bill entails, explore the different types, explain why it's so vital for you to understand it, and show you how professional guidance can make all the difference. What is an Ad Valorem Tax? According to Value The term... --- - Published: 2025-09-26 - Modified: 2025-09-26 - URL: https://www.hegwoodgroup.com/how-to-prepare-for-a-business-personal-property-tax-audit/ - Categories: Business Personal Property Tax Receiving a notice from the appraisal district can be an unsettling experience for any business owner. The words "Business Personal Property Tax Audit" often conjure images of lengthy interrogations and financial penalties. Here at The Hegwood Group, we understand the complexities and anxieties that come with managing property taxes in Texas. With years of experience as Dallas property tax consultants, we've guided countless clients through this very process. The key to navigating an audit successfully isn't fear; it's preparation. An audit is simply a review to verify that the information you've reported is accurate and complete. While it may seem daunting, viewing it as a structured verification process can help demystify the experience. In this guide, we will walk you through what to expect, what auditors are looking for, and most importantly, how to prepare effectively. Our goal is to empower you with the knowledge to face a business personal property tax audit with confidence, knowing that your records are in order and that you have a clear understanding of the proceedings. What is Business Personal Property? Before diving into the audit process, let's clarify what falls under the umbrella of "Business Personal Property. " In Texas, Business Personal Property Tax applies to tangible items that are not real estate but are used for business purposes. Think of it as everything that would fall out if you could turn your business upside down and shake it. This includes, but is not limited to: Furniture and fixtures (desks, chairs, filing cabinets)... --- - Published: 2025-08-21 - Modified: 2025-08-21 - URL: https://www.hegwoodgroup.com/texas-agricultural-tax-exemption/ - Categories: Property Tax Consultants, Property Tax Consulting Owning a piece of land in Texas is a source of immense pride. It connects us to the state's rich heritage and offers a private escape from the bustle of city life. However, with land ownership comes the significant and often daunting responsibility of property taxes. For many Dallas-area property owners, the annual notice from the appraisal district can be a source of major financial stress. The ever-increasing market values in our region directly translate to a heavier burden from property taxes in Texas. But what if there was a way to have your land valued based not on its soaring market price, but on its capacity to produce? For landowners engaged in agriculture, there is. The Texas Agricultural Tax Exemption is one of the most powerful, yet frequently misunderstood, tools available to property owners. It's a system designed to support our state's agricultural foundation by providing substantial tax relief. In this guide, we will demystify this special valuation. We’ll explain what it is, detail the specific requirements you must meet, and clarify the process. Navigating this complex system can be challenging, but understanding it is the first step toward significant savings. As expert Property Tax Consultants, we are here to show you how to successfully secure and maintain these benefits for your property. Understanding Agricultural Exemptions In Texas The first and most critical point to understand is that the Agricultural Tax Exemption is not a true "exemption" in the way most people think of it. An exemption typically removes... --- - Published: 2025-07-21 - Modified: 2025-07-21 - URL: https://www.hegwoodgroup.com/complete-your-business-personal-property-rendition-form/ - Categories: Business Personal Property Tax As business owners in Texas, we wear many hats. We are innovators, leaders, and the driving force behind our local economy. We are also taxpayers, and with that comes a unique set of responsibilities. One of the most crucial, yet often misunderstood, is the annual filing of the Business Personal Property Rendition. It’s a term that can sound intimidating, but it doesn't have to be. For many, the arrival of this form signals a season of potential stress, poring over asset lists and depreciation schedules, all while trying to keep the daily operations of the business running smoothly. Imagine a passionate restaurateur in Dallas, who has poured his heart and soul into creating a vibrant dining experience. His days are filled with managing staff, perfecting menus, and greeting customers. The last thing on his mind is the collection of tables, chairs, kitchen equipment, and computers sitting in his establishment. When the notice for his Business personal property rendition of taxable property arrived, he may set it aside, overwhelmed by the jargon and the looming deadline. This oversight, unfortunately, will lead to a significant penalty, a financial sting that could have been easily avoided. This story is not uncommon, and it highlights a critical aspect of managing Property Taxes In Texas: understanding and correctly filing your rendition is not just a compliance task; it's a vital part of your business's financial strategy. This guide is for the dedicated business owner in Dallas and beyond, meant to demystify the process, walk you... --- - Published: 2025-06-20 - Modified: 2025-06-16 - URL: https://www.hegwoodgroup.com/glossary-of-texas-property-tax-terms/ - Categories: Property Tax Consultants, Property Tax Consulting Navigating Texas property taxes can often feel like learning a new language. Between their unique acronyms, specific legal terms, and complex procedures, property owners can easily find themselves overwhelmed. But understanding this terminology is the first and most critical step toward managing your property tax liability effectively. Whether you own a home or a business in Dallas or anywhere else in the state, getting a firm grasp on the concepts that govern your annual tax bill is essential for making informed decisions and identifying potential savings. This is your go-to glossary for the most common terms you will encounter. We will break down the jargon into clear, easy-to-understand definitions. The system of property taxes in Texas is intricate, but it doesn't have to be intimidating. By understanding these fundamentals, you can better navigate the system and know when it might be time to seek professional guidance from experienced property tax consultants. Property Tax Terms | Your Guide to Texas Property Taxes Below is a list of essential terms that every Texas property owner should know. Understanding these concepts is foundational to managing your annual tax obligations. Ad Valorem Tax This is the legal term for property tax. "Ad Valorem" is Latin for "according to value. " This means the tax you pay is based directly on the assessed value of your property. This is the fundamental principle behind the entire Texas Property Tax system. Appraisal District (or CAD) Each county in Texas is served by a Central Appraisal District (CAD).... --- - Published: 2025-05-30 - Modified: 2025-05-30 - URL: https://www.hegwoodgroup.com/what-is-business-personal-property-tax/ - Categories: Business Personal Property Tax, Property Tax Consulting For many business owners, the topic of property taxes often conjures images of brick-and-mortar buildings and vast stretches of land. While real estate property taxes are certainly a significant consideration, there’s another crucial aspect of property taxation that often gets overlooked: business personal property tax. This type of tax impacts virtually every business, regardless of whether they own their commercial space or operate out of a rented facility. Understanding what is business personal property tax is not just about compliance; it’s about recognizing a substantial financial obligation and, more importantly, identifying opportunities for savings. Here at Hegwood Group, we regularly work with property owners across Dallas and throughout Texas to help them navigate the often-complex world of property taxation. We understand that deciphering tax codes and ensuring accurate valuations can be overwhelming. That’s why we want to help demystify business personal property tax, explain why it matters to your business, and provide crucial insights into how it's assessed and how you can manage your tax liability effectively. What Is Business Personal Property Tax In Texas? In Texas, business personal property tax is an ad valorem tax levied on the tangible personal property that businesses own and use to generate income. Unlike real property, which includes land and structures permanently affixed to it, business personal property refers to assets that are movable and not permanently attached to real estate. This tax is locally assessed and administered by individual appraisal districts within each county. This means that while the general principles are... --- - Published: 2025-04-30 - Modified: 2025-05-05 - URL: https://www.hegwoodgroup.com/common-mistakes-businesses-make-with-sales-and-use-tax/ - Categories: Sales Tax Sales and Use Tax can often be confusing for businesses. Let’s quickly address how to avoid common pitfalls and navigate the system with confidence. Feel free to visit the Comptroller’s Office for more info. For now, we’ll start with the basics. What Is Sales and Use Tax? Sales and Use Tax is a consumption tax imposed on the purchase, lease, or rental of taxable items. It's collected by sellers and remitted to the state. This tax plays a crucial role in state revenue, funding essential services. Understanding its nuances is vital for any business operating in Texas, particularly given the specific regulations of Sales and Use Tax in Texas. Common Sales and Use Tax Mistakes We’ve seen many businesses stumble when it comes to Sales and Use Tax. Let's explore some of the most frequent errors and how to avoid them. Misclassifying Taxable Items One common mistake is misclassifying taxable items. This happens when businesses incorrectly determine whether a product or service is subject to sales tax. For instance, in Texas, certain manufacturing equipment might be exempt, while office supplies are not. Knowing the precise definitions and exemptions is critical. A detailed understanding of Texas Sales and Use Tax is essential here. Failing To Collect Sales Tax Online and Out-of-State Sales With the rise of e-commerce, many businesses struggle with collecting sales tax on online and out-of-state transactions. Each state has its own rules, and failing to comply can lead to significant penalties. We must also be aware of the... --- - Published: 2025-03-31 - Modified: 2025-06-02 - URL: https://www.hegwoodgroup.com/when-are-property-taxes-due-in-tarrant-county/ - Categories: Property Tax Consultants, Property Tax Consulting, Tarrant County Property Tax Consulting In Tarrant County, property taxes are administered by the Tarrant Appraisal District, which determines the value of properties, and the Tarrant County Tax Assessor-Collector, who collects the taxes. Understanding the basics of property tax in Tarrant County, Texas is crucial for every homeowner. The overall process involves appraisals, tax rate calculations, and ultimately, your payment. What Are Property Taxes? Property taxes are ad valorem taxes, meaning they are based on the assessed value of your property. These taxes fund essential local services such as schools, roads, and public safety. When Are Property Taxes Due In Tarrant County Texas? The most critical question for any property owner is, "When are property taxes due? " According to Tarrant County online, the deadline for paying property taxes is typically January 31st of the following year. This means taxes assessed for 2025 are due by January 31, 2026. However, there are options for those who need flexibility. Half Payments The first installment is due by November 30th. The second installment is due by June 30th. It is important to note that if either of these dates fall on a weekend or holiday, the deadline is moved to the next business day. To avoid penalties, it’s crucial to know when are property taxes due in Tarrant County. For precise dates, always refer to the official Tarrant County Tax Assessor-Collector website. Penalties For Not Paying Property Taxes Failure to pay property taxes by the deadline results in penalties and interest. These charges increase over time, making... --- - Published: 2025-02-17 - Modified: 2025-01-31 - URL: https://www.hegwoodgroup.com/texas-property-tax-penalties-and-interest/ - Categories: Property Tax Consultants, Property Tax Consulting, Property Tax Texas Does your community have well-maintained roads, high-performing schools, and a reliable police force? These essential services don't just magically appear; they're funded, in part, by property taxes. Think of property taxes as your contribution to the upkeep and improvement of your neighborhood and city. Understanding Property Taxes In Texas Any property tax in Texas is calculated based on the value of your property. This value is determined by your local appraisal district, a group of experts who assess properties in your area. They consider factors like the size of your property, its location, and any improvements you've made. This assessment ensures that everyone contributes fairly based on the worth of their property. Once the appraisal district has determined the value of your property, the taxing authorities, such as your city, county, and school district, set their tax rates. These rates are used to calculate your annual property tax bill. Don’t Miss These Key Deadlines For Texas Property Taxes Picture this: you're enjoying a warm summer evening, the smell of barbecue filling the air, when suddenly you remember – property taxes are due! Don't let this happen to you. Mark your calendar with these important deadlines: January 31st: This is the final deadline to pay your property taxes in full without incurring penalties. Think of it as the early bird discount for responsible property owners. February 1st: Missed the January 31st deadline? No worries, you still have time to pay, but a 6% penalty will be added to your tax bill... --- - Published: 2025-01-16 - Modified: 2025-01-16 - URL: https://www.hegwoodgroup.com/what-happens-if-i-dont-pay-texas-property-taxes/ - Categories: Business Personal Property Tax, Commercial Property Taxes, Property Tax Consultants, Property Tax Consulting Property taxes are a significant source of revenue for local governments in Texas, funding essential services such as schools, roads, and public safety. While nobody enjoys paying taxes, understanding the consequences of non-payment is crucial for all property owners. Let’s explore property taxes and the penalties for not paying property tax in Texas — and discuss how the Hegwood Group can help you navigate this complex system. What Are Property Taxes? Property tax is assessed on real estate and personal property owned by both individuals and businesses. The tax is calculated based on the value of the property and the tax rate set by the local government. In Texas, property taxes are collected by the county tax assessor-collector on behalf of the local taxing jurisdictions. Who Is Exempt From Paying Property Taxes in Texas? While most property owners are required to pay property taxes, certain exemptions are available for specific individuals and organizations. These exemptions can significantly reduce or eliminate your tax liability. Some common property tax exemptions in Texas include: Homestead Exemption: This exemption applies to homeowners who use their property as their primary residence. It reduces the taxable value of your home, resulting in lower property taxes. Over 65 Exemption: Homeowners aged 65 or older are eligible for an additional exemption that further reduces their property taxes. Disability Exemption: Individuals with disabilities may qualify for an exemption that lowers their property tax burden. Veteran Exemptions: Various exemptions are available for veterans, including those with disabilities, surviving spouses of... --- - Published: 2024-12-13 - Modified: 2024-12-13 - URL: https://www.hegwoodgroup.com/what-is-the-property-tax-rate-in-texas/ - Categories: Property Tax Consultants, Property Tax Consulting, Texas Property Tax Rates Imagine this: you've finally found your dream home in the heart of Texas. The sprawling porch, the spacious backyard, the perfect neighborhood — it's everything you've ever wanted. But amidst the excitement of unpacking boxes and planning housewarming parties, a nagging question lingers: what about property taxes? In the Lone Star State, property taxes are a significant part of homeownership. Understanding how these taxes work can feel like navigating a maze, but fear not, fellow Texans! We're here to shed light on the intricacies of property tax rates in North Texas, specifically focusing on Dallas, Tarrant, Collin, Denton, Rockwall, and Ellis counties. What Are Property Taxes? Think of property tax rates as your contribution to the community. It's a percentage used to calculate the amount of tax you owe on your property – your home, your business, that piece of land you've been eyeing for your future ranch. This rate is determined by local taxing authorities, like your city council, county commissioners, school districts, and even special districts. They take a good look at the assessed value of your property, which is determined by your local appraisal district, and apply this rate to figure out your tax bill. What Are The Property Tax Rates In Texas? Understanding property tax rates is important for property owners and potential buyers, as these taxes impact the overall cost of homeownership in North Texas. The Texas Property tax rates by county are essential for accurate budgeting and financial planning. Property tax rates in North... --- - Published: 2024-11-26 - Modified: 2025-08-21 - URL: https://www.hegwoodgroup.com/property-taxes-after-death/ - Categories: Property Tax Texas Death and taxes are famously the two certainties in life — and unfortunately, property taxes don't disappear when someone passes away. Understanding what happens to property taxes after death is crucial for both beneficiaries and estate executors in Texas. Who is Responsible for Property Taxes After Death? When a property owner passes away, their estate becomes responsible for any outstanding property taxes. This responsibility falls upon the individual appointed to manage the estate's assets, which can be either the executor of the will or an administrator appointed by the court. The probate process in Texas can be a lengthy endeavor, often spanning several months. During this period, the responsibility of maintaining property tax payments remains firmly with the estate. It's crucial to understand that neglecting these payments can lead to a cascade of consequences, including penalties, interest accrual, and in severe cases, even foreclosure. Understanding the Probate Process and Property Taxes Probate is the legal process through which a deceased person's assets are distributed according to their will or, in the absence of a will, according to 1 Texas intestacy laws. This process involves validating the will, identifying and inventorying assets, paying off debts and taxes, and finally distributing the remaining assets to the beneficiaries. Duration of Responsibility The estate's responsibility for property taxes continues until the property is legally transferred to the beneficiaries or heirs. This process can take several months or even years, depending on the complexity of the estate and any legal challenges that may arise. Importance... --- - Published: 2024-10-25 - Modified: 2024-10-25 - URL: https://www.hegwoodgroup.com/texas-sales-tax-rate/ - Categories: Sales Tax When you make a purchase in Texas, you'll notice an extra charge added to your total bill – that's the sales tax. The Texas sales tax rate can be a bit complex, as it involves both state and local components. This article offers a comprehensive overview of the Texas sales tax rate, explaining how it's calculated, who pays it, and the difference between state and local sales tax rates. What is the Texas Sales Tax Rate? The Texas sales tax rate is a combination of the state sales tax rate and the local sales tax rate. The state sales tax rate in Texas is 6. 25%, which applies to all taxable goods and services within the state. However, cities, counties, special districts, and transit authorities can impose additional local sales taxes, resulting in a combined rate that can be as high as 8. 25%. This means the total sales tax rate you pay on a purchase will vary depending on the location of the sale. Who Pays the Texas Sales Tax Rate? The sales tax rate in Texas is ultimately paid by the consumer, the person making the purchase. However, businesses are responsible for collecting the sales tax from customers and remitting it to the state and local tax authorities. This means businesses act as intermediaries, collecting the tax on behalf of the government. How is the Texas Sales Tax Rate Calculated? Calculating the Texas sales tax rate is a straightforward process. You simply multiply the purchase price of the... --- - Published: 2024-09-23 - Modified: 2024-09-23 - URL: https://www.hegwoodgroup.com/what-is-a-tax-abatement/ - Categories: Property Tax Benefits, Property Tax Consultants, Property Tax Consulting Navigating property taxes is always complex, but amid that complexity can lie opportunities for savings. One such opportunity is a tax abatement. But what exactly is a tax abatement and how can it benefit you as a property owner? Let's dive in and explore this valuable tool that can help you reduce your tax burden and potentially save thousands of dollars. What Is A Tax Abatement A tax abatement is a temporary reduction or exemption of property taxes granted by local governments to eligible property owners. It's essentially a legal agreement between you and the taxing authority that allows you to pay lower property taxes for a specific period. Think of it as a financial incentive aimed at encouraging certain types of development or activities within the community. The Allure of Property Tax Abatements Why are tax abatements so appealing? The answer is simple: they can significantly reduce your property tax liability, putting more money back in your pocket. For businesses, this can translate to increased profitability and a boost in competitiveness. For homeowners, it means having more disposable income to invest in their homes or other financial goals. Who Qualifies for Tax Abatements? While tax abatements offer attractive benefits, they aren't available to everyone. Eligibility criteria vary depending on the location and the specific type of abatement program. However, some common factors that influence qualification include: Type of Property. Tax abatements are often offered for specific types of properties, such as new construction, renovations, or properties located in designated... --- - Published: 2024-08-30 - Modified: 2024-08-30 - URL: https://www.hegwoodgroup.com/how-to-appeal-your-property-tax-assessment/ - Categories: Property Tax Appeal, Property Tax Consultants, Property Tax Consulting, Property Tax Texas, Tax Assessment Property tax assessments can sometimes feel unfair or inaccurate, leaving you with a higher tax bill than you think is justified. Fortunately, in Texas, you have the right to appeal your property tax assessment if you believe it's too high. Here's a guide to help you navigate the process. Understanding Property Tax Assessments Your property tax assessment is the value assigned to your property by your local appraisal district. This value is used to calculate your property taxes. If you feel that the assessed value is higher than the market value of your property, you may have grounds for an appeal. Reasons to Appeal Your Property Tax Assessment There are several valid reasons to appeal your property tax assessment, including: Overvaluation: If you believe your property's assessed value is higher than its fair market value, you can appeal. Unequal Appraisal: If you believe your property is assessed at a higher value than similar properties in your area, you can appeal based on unequal appraisal. Incorrect Information: If the appraisal district has incorrect information about your property, such as the square footage or number of bedrooms, you can appeal to have it corrected. How to Appeal Your Property Tax Assessment in Texas The process for appealing your property tax assessment in Texas generally involves the following steps: Receive Your Notice of Appraised Value: You will receive a Notice of Appraised Value from your local appraisal district. This notice will inform you of the assessed value of your property and the deadline... --- - Published: 2024-07-23 - Modified: 2024-07-23 - URL: https://www.hegwoodgroup.com/what-is-sales-and-use-tax/ - Categories: Property Tax Consultants, Property Tax Consulting, Sales Tax If you live or operate a business in Texas, understanding sales and use tax is essential. These taxes play a significant role in funding state and local services. However, the intricacies can be confusing. This guide aims to demystify sales and use tax in Texas, equipping you with the knowledge you need to navigate this complex area of taxation. Fundamentals Of Texas Sales and Use Tax Q: What is sales tax? Sales tax is levied on the sale, lease, or rental of most goods and some services in Texas. The seller typically collects this tax at the point of sale and remits it to the state. The current state sales tax rate is 6. 25%, but local jurisdictions (cities, counties, etc. ) can add up to 2% to this rate, bringing the combined rate up to a maximum of 8. 25%. Q: What is use tax? Use tax is the counterpart to sales tax. It applies when you buy taxable goods or services from a seller who doesn't collect Texas sales tax. This often occurs with purchases from out-of-state vendors or online retailers. It's your responsibility as the buyer to report and pay use tax directly to the state. The use tax rate is the same as the sales tax rate that would have applied if you had purchased the item within Texas. Q: What is the difference between sales and use tax? The key difference is who collects and remits the tax. With sales tax, the seller handles this.... --- - Published: 2024-06-28 - Modified: 2024-09-04 - URL: https://www.hegwoodgroup.com/property-tax-exemptions-in-texas/ - Categories: Property Tax Consultants, Property Tax Consulting Texas property taxes can be substantial, but the good news is there are numerous property tax exemptions available that could significantly reduce your annual bill. Whether you're a homeowner, senior citizen, veteran, disabled individual, or business owner, understanding the property tax exemptions in Texas is key to maximizing your savings. Who is Exempt from Paying Property Taxes in Texas? While most property owners are required to pay property taxes, certain individuals and organizations are fully exempt. These include: Religious organizations: Churches, synagogues, mosques, and other religious institutions. Non-profit organizations: Charitable organizations with a 501(c)(3) status. Educational institutions: Public schools, colleges, and universities. Government entities: Federal, state, and local government properties. Texas Property Tax Exemptions for Homeowners | Your Residence Homestead If you own and live in your home as your primary residence, you're entitled to a residence homestead exemption. This is one of the most common and valuable property tax exemptions in Texas — here's how it works: The General Residence Homestead Exemption is mandatory for school districts and reduces the taxable value of your home by a set amount. For the 2024 tax year, this amount is $40,000. Optional Percentage Exemptions: Some local taxing units may offer an additional exemption of up to 20% of your home's value. Check with your local appraisal district for specifics. Who Qualifies for a Residence Homestead Exemption? To claim the residence homestead exemption, you must meet certain criteria: Own and occupy the property as your primary residence on January 1st of the tax... --- - Published: 2024-05-15 - Modified: 2024-05-10 - URL: https://www.hegwoodgroup.com/how-to-protest-property-taxes-in-texas/ - Categories: Property Tax Appeal, Property Tax Consulting Owning property in Texas comes with many advantages, but it also means facing property taxes. These taxes contribute to funding schools, roads, and other vital public services. However, if you believe your property's appraised value is inaccurate, you have the right to protest your Texas property taxes. What Is Property Tax? Property tax is a levy imposed by local governments based on the appraised value of your real estate. This value is determined by the appraisal district in your county and is intended to reflect the market value of your property. The tax rate is then applied to the appraised value to determine your annual property tax bill. Property tax protest, then, is the method you can use to question that value and its effect on your bill. Reasons To Protest Property Taxes In Texas There are several reasons why you might consider protesting your property taxes in Texas. The appraisal district may have made a mistake in valuing your property. This could be due to errors in data collection, incorrect property classification, or failing to consider recent improvements or depreciation. If the market value of your property has decreased since the appraisal date, you may have grounds to protest. This could be due to factors such as neighborhood decline, economic downturn, or damage to your property. And finally, if similar properties in your neighborhood are appraised at a lower value than yours, you may have a case for unequal appraisal. How To Protest Property Taxes In Texas? The process... --- - Published: 2024-04-25 - Modified: 2024-04-25 - URL: https://www.hegwoodgroup.com/when-are-property-taxes-due-in-texas/ - Categories: Property Tax Consultants, Property Tax Texas Owning property in Texas comes with the responsibility of paying property taxes. These taxes are vital, funding local schools, public safety, roads, and more. So, when are these essential property taxes due? Let's break it down. What is Property Tax? Property tax is a tax levied on real estate. In Texas, all property is taxable unless specifically exempted by law. Exemptions may apply to properties owned by government entities, religious organizations, or those with homestead exemptions. How are Property Taxes Calculated in Texas? Texas utilizes a system where your property taxes are based on two key factors: your property's appraised value and the tax rates set by the various taxing units that serve your area. Let's break down the process of how property taxes are calculated in Texas: 1. Appraisal Each county has a designated appraisal district responsible for determining the fair market value of all taxable property within its boundaries. The appraisal district determines your property's market value. This is, in essence, the price your property could reasonably sell for in the current real estate market. Appraisers consider factors like your property's location, size, condition, recent comparable sales, and any improvements made. It's crucial to remember that appraisals are based on the market value as of January 1st of each tax year. 2. Taxing Units Several taxing units can levy property taxes on your home. These include your city, county, school district, and any special purpose districts (e. g. , water, hospital, or community college districts). Each taxing unit... --- - Published: 2024-03-29 - Modified: 2024-04-01 - URL: https://www.hegwoodgroup.com/what-is-the-new-texas-property-tax-relief-bill/ - Categories: Property Tax Consultants Hello from Hegwood Group! We understand that changes to property tax law can be daunting, so let's take a look at the new Texas Property Tax Relief Bill and how it might affect you. What is the Texas Property Tax Relief Bill? The Texas Property Tax Relief Bill is a significant piece of legislation resulting from a state constitutional amendment (Proposition 4) overwhelmingly approved by voters. This bill is aimed at providing substantial tax relief for Texas homeowners and businesses. Let's break down the key benefits: Increased Homestead Exemption One of the biggest changes is a dramatic increase in the homestead exemption. This exemption protects a portion of your home's value from the property tax meant for public schools. The new bill more than doubles the exemption, from $40,000 to $100,000. Lower School District Taxes School districts receive billions of dollars in additional state funding to make up for lost local revenue. This translates into lower tax rates for you, the taxpayer. Tax Savings The combined effect of these changes means significant savings. A typical Texas homeowner could save over $2,500 in property tax over the next two years, with even greater savings for seniors. Was Proposition 4 Necessary? There are a few major reasons voters were so enthusiastic. The Texas Paradox Texas has built a reputation as a haven for those seeking a low-tax environment. This reputation stems primarily from the lack of a state income tax. However, this image can be deceiving. While Texans avoid income tax, they... --- - Published: 2024-02-20 - Modified: 2024-12-09 - URL: https://www.hegwoodgroup.com/how-to-calculate-texas-property-tax-in-2024/ - Categories: Property Tax Consultants, Property Tax Texas Property taxes are a significant expense for Texas homeowners, and understanding how they work is crucial for budgeting. Calculating your property tax might seem overwhelming, but it's a straightforward process. Here's your guide to navigating property taxes in Texas: Understanding the Basics Property taxes are an essential source of funding for communities across the country. These taxes are used to support vital services like schools, libraries, fire and police departments, road maintenance, and other public infrastructure. Understanding the core elements of property taxes can help you budget accordingly and be aware of factors that might influence your tax bill. Appraised Value How it's determined: Your local appraisal district assigns an appraised value to your home. This value is an estimate of how much your property would likely sell for in the current real estate market. Appraisers consider factors like recent home sales in your area, the size and condition of your property, and any special features or amenities. Why it matters: Your property tax bill is directly calculated from your home's appraised value. A higher appraised value generally translates to a higher tax bill. Tax Rate Set by various entities: Tax rates are determined by the different taxing authorities that cover your area. This includes your county, city, school district, and any special districts (like water or utility districts). Each entity sets a tax rate to generate the revenue needed for its services. Combined impact: Your total tax rate is a combination of the rates from all the taxing authorities... --- - Published: 2024-01-31 - Modified: 2024-04-09 - URL: https://www.hegwoodgroup.com/all-your-questions-answered-about-2024-property-taxes/ - Categories: Property Tax Consultants, Property Tax Consulting, Property Tax Texas 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... --- - Published: 2023-12-29 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/your-secret-weapon-for-smart-property-investments/ - Categories: Property Tax Consultants, Property Tax Texas Buying or selling property is a thrilling rollercoaster — and one where the taxman often sits shotgun. Navigating the labyrinthine world of property investments and the real estate taxes can feel like deciphering hieroglyphics with blindfolds on. Enter the real estate tax consultant: your superhero in a tax bracket-shaped cape. But what exactly does this financial wizard do? Buckle up, savvy investors, because we're about to unlock the secrets that can transform your next real estate move into a tax-optimized masterpiece. Optimizing Every Deal For rental investors, your property tax consultant will be your tax code translator, unearthing hidden gems like: Depreciation Dazzle: Watch the magic as they unlock the power of depreciation, allowing you to deduct the wear and tear on your property over time, even if its value is actually increasing. Say goodbye to hefty tax bills and hello to sweet, sweet savings. Maintenance Marvels: From leaky faucets to roof repairs, your consultant will show you how to maximize deductions for all those necessary upkeep costs. Every leaky pipe becomes a golden tax shield! Home Office Haven: Working from home? Your consultant will transform your makeshift desk into a tax-deductible paradise, slicing expenses off your tax bill with the precision of a laser beam. Homestead Hero Living in your own little castle comes with big tax perks. Your consultant will be your homesteading guru, helping you: Navigate the Maze: Local laws and regulations can be tricky, but your consultant will be your map and compass, guiding you through... --- - Published: 2023-11-30 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/strategies-and-tips-for-your-property-tax-appeal/ - Categories: Property Tax Appeal, Property Tax Consultants Navigating the complexities of property taxes can often seem daunting, especially when it comes to being sure you aren't overpaying. For small business owners, entrepreneurs, and large company executives, the key to managing these expenses is understanding how to effectively appeal your property tax assessment. The importance of this knowledge cannot be overstated, as it can lead to significant financial savings and a better grasp of your property's value. That's important, and we want to help. Welcome to our tax appeal guide, brought to you by Hegwood Group. We're here to demystify the process, offering you essential insights and actionable strategies to navigate the Texas property tax appeal process with confidence. Read on for a comprehensive guide on acing the property tax appeal. Understanding Your Property Tax Assessment Before diving into the appeal process, let's get clear on how property taxes are assessed. Local governments typically assess property values on a periodic basis, which then form the basis for your property tax. If you believe this valuation is inaccurate or unfairly high, an appeal might be your best course of action. Start by carefully reviewing your property tax assessment notice. Check for any errors in your property description: incorrect lot size, number of rooms or any other discrepancies. These errors can significantly impact your property's assessed value. Additionally, it's crucial that you know your deadlines. Each jurisdiction has specific deadlines for filing a property tax appeal, and missing them could mean waiting another year or more for another opportunity to... --- - Published: 2023-10-18 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/property-tax-consultants-vs-property-tax-attorneys-which-do-you-need-in-dallas/ - Categories: Property Tax Consulting, Property Tax Texas Property taxes have always been a significant financial consideration for Dallas businesses. It's an annual obligation, but one that can often become a complex and contentious issue. When real estate tax issues arise, individuals and businesses have two primary options for seeking assistance: property tax consultants and property tax attorneys. These professionals each serve a unique role in addressing property tax concerns in Dallas. Understanding their differences and when to engage their services is crucial for property owners and businesses looking to navigate the system effectively. Property Tax Consultants: The Experts in Valuation Property tax consultants are seasoned professionals specializing in property valuation and assessment. They have a deep understanding of the local real estate market and the intricacies of property tax laws in Dallas. Here's a closer look at what property tax consultants bring to the table: Valuation Expertise Property tax consultants excel in assessing the fair market value of a property. They use their knowledge of the local real estate market, recent property sales and the condition of the property to determine an accurate valuation, which is the basis for calculating property taxes. Assessment Appeals One of the primary roles of property tax consultants is to help owners appeal their property assessments. Suppose you believe that your property has been overvalued or assessed unfairly. In that case, a property tax consultant can help you gather evidence and present a compelling case to the Dallas Central Appraisal District (DCAD) or the local Appraisal Review Board (ARB). Cost Savings Property... --- - Published: 2023-09-29 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/understanding-ad-valorem-and-real-estate-taxes-in-dallas/ - Categories: Commercial Property Taxes, Real Estate Tax Property taxes are fundamental to homeownership and real estate ownership in Dallas, Texas. Among the various types of property taxes, two stand out: Ad Valorem and Real Estate Taxes. Understanding these taxes is crucial for commercial property owners, and the expertise of real estate tax consultants is invaluable in navigating this complex landscape. In this educational blog, we will delve into the concepts of Ad Valorem and Real Estate Taxes, how they work, their impact on property owners, and the vital role real estate tax consultants like the Hegwood Group play in providing expert advice. Ad Valorem Taxes: The Basics Ad Valorem is a Latin term that means "according to value. " Ad valorem taxes are based on the assessed value of real estate or personal property. In the context of Dallas, ad valorem taxes are primarily associated with real estate and levied by local taxing authorities — counties, cities, school districts — to fund public services and infrastructure. How Ad Valorem Taxes Work Ad valorem taxes are calculated based on the appraised value of the property. The county's appraisal district conducts the appraisal process, which involves estimating the property's market value. Once the appraised value is determined, the tax rate is applied to calculate the property tax owed. In Texas, property tax rates can vary depending on the location and the services funded by the taxing entity. Impact on Property Owners For Dallas property owners, ad valorem taxes are a significant financial responsibility. These taxes fund essential services: public... --- - Published: 2023-08-31 - Modified: 2025-08-21 - URL: https://www.hegwoodgroup.com/types-of-commercial-properties-and-their-tax-implications/ - Categories: Commercial Property Taxes, Property Tax Consultants, Real Estate Tax When it comes to commercial real estate tax, one size doesn't fit all. The tax implications vary depending on the type of property you own. Understanding these nuances is crucial for anyone investing in or managing commercial properties. Let's look at the different types of commercial properties and their tax implications so that you can make a more educated decision before tax season rolls around. 1. Office Buildings Office buildings are somewhat stable, although, in past years, they've become less so thanks to the new push toward remote work. Pros Stable Income: Office buildings usually have long-term leases, providing owners with a consistent revenue stream as long as the offices are occupied. Low Turnover: Corporate tenants prefer stability and are less likely to move frequently, reducing the cost and time associated with tenant turnover. Simpler Management: Compared to retail space, for example, the complexity of managing an office building is generally low. Tax Considerations Depreciation: The IRS allows the depreciation of office buildings over a period of 39 years, which can help offset income. Operating Expenses: You can usually deduct utility costs, maintenance and insurance from taxable income. Property Tax: Often calculated based on the assessed value, which includes both the land and the building. 2. Retail Spaces Speaking of retail spaces — any business with a physical location for customers to visit — let's look at the pros and cons there. Thanks to the high cash flow unique to retail, a few special circumstances may apply: Pros Income Potential:... --- - Published: 2023-07-31 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/decoding-business-property-tax-tips-for-business-owners/ - Categories: Business Personal Property Tax, Property Tax Consultants, Property Tax Consulting As a business owner, you've got lots of responsibilities on your plate. From day-to-day operations to fostering growth and profitability, getting caught up in the hustle and bustle is easy. However, one crucial aspect we should never overlook is property taxes. For many owners, navigating commercial real estate taxes can be daunting — but with the right knowledge and strategies, you can save valuable resources and enhance your bottom line. Let's explore some practical business property tax tips to help you optimize your tax strategy and ensure you're not paying a penny more than necessary. Tip: Understand Business Property Tax Basics Business property taxes refer to taxes on the assessed value of your company's real estate and tangible assets. These assets encompass a wide array of properties — land, buildings, equipment, machinery — crucial components of your operations. Determining your property's value is the local government's job: They carefully evaluate and appraise its worth, forming the basis of your tax. Tip: Keep Track of Tax Assessment Dates Property tax assessments occur at regular intervals, typically annual or biennial. It's best to understand the specific assessment dates in your area as they directly influence the value as calculated on your property taxes. To stay prepared for fluctuations in your tax obligations, stay vigilant. Mark your calendar with these crucial dates. This way, you can anticipate when the government will reassess the value of your business property and tangible assets. You can plan ahead, make informed financial decisions, and adjust your budget... --- - Published: 2023-06-27 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/avoiding-audits-and-common-property-tax-mistakes/ - Categories: Commercial Property Taxes, Property Tax Audit, Property Tax Consulting Owning commercial property means shouldering a multitude of responsibilities, one of which is paying regular property taxes. While this may seem like a straightforward task, many business owners find themselves in a whirlwind of tax audits and penalties due to common mistakes. Common Property Tax Mistakes To help you navigate this complex landscape and avoid unnecessary headaches, our property tax consultants have compiled a list of these mistakes along with our valuable tips on sidestepping them. Failure to Timely Pay Property Taxes One of the most prevalent mistakes is simply failing to make timely property tax payments. Missing the February 1st deadline will result in costly penalties and interest charges. To avoid this pitfall, set up automatic payments through your financial institution. This way, you ensure your property taxes get paid on time without having to worry about manual payments or setting up a payment plan that racks up interest. Incorrectly Reporting Property Value Another common mistake is reporting inaccurate value for your commercial property. Underestimating the value might result in paying less in property taxes initially, but it leads to tax audits and additional taxes down the line. On the other hand, overestimating the value means an unnecessary financial burden. The key is to accurately assess the value of your property and report it accordingly. Seeking professional assistance from appraisers or tax consultants can be immensely helpful in determining the correct value. Failing to Take Advantage of Exemptions and Incentives Many commercial property owners are unaware of the various... --- - Published: 2023-05-26 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/saving-your-money-the-secret-to-property-tax-appeals/ - Categories: Property Tax Appeal Real property taxes are unavoidable and support essential public services. There are situations where property assessments and their subsequent tax bills can be unreasonably high. This causes financial strain on home and property owners. But recourse is possible! In Dallas County, understanding the appeal process and using the most effective strategies can help you navigate this complex system and potentially reduce your tax burden by protesting the county's valuation of the property and its tax. Property tax protests, or property tax appeals, allow property owners to contest their tax assessments when they believe their property's been overvalued or unfairly assessed. While the process may appear daunting, being aware of these critical points can significantly enhance your chance of success. #1. Understand the Appraisal Process Understand how the Dallas County Appraisal District (DCAD) appraises properties. Research the methods they use, such as market value or income-based approaches, to assess properties similar to yours. This knowledge will help you identify potential weaknesses or inaccuracies in their assessment. #2. Know Your Deadlines Familiarize yourself with the property tax deadlines for filing an appeal in Dallas County. Typically the deadline falls near the end of May (in 2023, for example, it's May 22nd), so make sure of the date and be certain your appeal is submitted before this date to avoid missing out. #3. Gather Any Supporting Documentation Build your most robust case by gathering relevant documents that support your appeal. This might include recent appraisals, comparable property sales data, photographs, repair records, and... --- - Published: 2023-04-12 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/commercial-property-tax-bill-sections/ - Categories: Commercial Property Taxes, Property Tax Consultants, Property Tax Consulting, Real Estate Tax By Rodney Hegwood, Founding Partner A commercial property tax bill is an invoice sent from a local government to the owner of a property detailing the amount of taxes owed. In Dallas County, for example, bills are typically issued once a year, usually in October or November, and due by January 31st of the following year. The tax bill covers the previous calendar year's property taxes, which are based on the property's appraised value as of January 1st of that previous year. Owners can also choose to pay their taxes in installments throughout the year, with the first installment due November 30th and subsequent installments due the last day of each month until that final payment January 31st. It's a good idea to confirm your specific due dates and payment options for your commercial property tax bill with the Dallas County Tax Office, but that doesn’t really spell out everything you’re going to need to pay the bill. You can create an online portfolio with all of your properties at the Tax Office site, which means you won’t have to go through the process of manually searching for each property before you pay the bill. Otherwise, that’s the first step in accessing your bill to review. Now, let’s break down each part of a typical commercial property tax bill and see what information it can give us. It’s easy to understand if you remember to start with the valuation and move through the various taxes, deductions and exemptions as they... --- - Published: 2023-03-15 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/understanding-property-tax-assessments/ - Categories: Commercial Property Taxes, Property Tax Appeal, Property Tax Texas, Tax Assessment Property is a great investment and can be a powerful income stream, but it comes with its own responsibilities. The most onerous, and sometimes the biggest in impact, is property taxes. As you probably know, the Texas Tax Code (Section 23. 01) requires the appraisal of taxable property at market value by each January 1st, to file taxes for that past year. “Market value” is defined as the price a property could get, in cash or its equivalent, under the prevailing market conditions. Purposes of Property Tax Assessment Most years you assess or have someone assess your property, and that reported value is how your tax is figured. But Section 25. 18 of the Texas Tax Code requires each appraisal district to reappraise all its properties at least once every three years. That process puts you at a higher chance of disagreeing with the appraiser, who may value your property at a higher value than you do. That means you’re paying more in taxes than you think you should. But all is not lost! You can appeal the decision. Three Approaches to Property Tax Assessment To put together an appeal properly, it’s best to get the input of a property tax consulting firm like the Hegwood Group. We help you determine the two key pieces of info you’re going to need: the way your assessor is figuring your value (and therefore tax), and which way you should be doing it (to find the lowest value). If your value is lower... --- - Published: 2023-02-13 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/pros-and-cons-of-tax-deferment/ - Categories: Commercial Property Taxes, Real Estate Tax Capital gains are realized, recognized, and taxes levied, every time you sell real estate. What you may not know is that those commercial property taxes may be deferred indefinitely. Tax deferment for commercial properties means you can delay those payments without getting into trouble with the IRS or stacking up back taxes and penalties. Wondering how? Read on. How 1031 Tax Deferments Work The Internal Revenue Code (IRC), Section 1031, lets you trade one piece of real estate for another one without triggering any capital gains tax. All it takes is reinvesting in the same type, or “like kind,” of property. You can do this any number of times, deferring the taxes as long as you want, as long as you follow the rules for this so-called “1031 exchange. ” From the date you sell your property, you have: 45 (calendar, not business) days to demonstrate a potential replacement property in writing 180 calendar days to buy and close on the new property Until your next tax return date, plus any extensions, if it comes earlier than 180 days Note that these two periods run concurrently, and there are no extensions except for federally declared disasters. It also means the timeline for simultaneous swaps totals 180 calendar days. There are other, more involved ways to defer commercial property taxes, but many businesses utilizing the 1031 method could theoretically keep these balls in the air for generations. Pros of Commercial Property Tax Deferment There are several reasons you might want to... --- - Published: 2023-01-31 - Modified: 2024-05-30 - URL: https://www.hegwoodgroup.com/questions-for-commercial-property-tax-consultant/ - Categories: Commercial Property Taxes, Property Tax Consultants, Real Estate Tax A commercial property tax consultant can get your business's tax bill under control. Protesting your commercial property tax is a highly bureaucratic process, and an experienced property tax consultant can prepare convincing arguments and meet strict deadlines. Due to this endeavor's financial importance, you must find the best property tax consultant in Dallas to pursue your goals. We frequently field the following questions from prospective clients. These are topics that you want to cover before hiring a property tax consultant. 1. How Often Do You Succeed with a Property Tax Protest? This is a fair question because you want a commercial property tax consultant with a track record of success. A property tax consultant should provide examples of successful cases that lowered taxes for commercial properties, especially those similar to your property. 2. How Many Years of Experience Do You Have With Commercial Property Tax Appeals? You wouldn't want to entrust this critical matter to a newbie. At The Hegwood Group, you tap into a deep reservoir of talent and experience. Most of our founders have been property tax consultants since the early 1990s. Our firm has achieved property tax reductions for thousands of clients in the Dallas area. If you have extensive business holdings and operate commercial properties under different business names, we can prepare protests for each of your entities. 3. What Strategy Will You Use to Protest My Taxes? We apply our expertise in local and federal tax law to evaluate your property tax situation from every... --- - Published: 2022-12-30 - Modified: 2024-06-24 - URL: https://www.hegwoodgroup.com/commercial-property-tax-resolutions/ - Categories: Commercial Property Taxes As a commercial property owner, it is important to always be prepared for tax season. With the new year approaching, now is the time to start planning and strategizing for your 2023 taxes and beyond. Tax resolutions are an essential part of any business plan as they help you save money on your taxes and ensure that you comply with all federal and state regulations. Making sure you have all the necessary information can help reduce stress levels during tax season. Keep Accurate Expense Records Year-Round Credits and deductions are things that any commercial property owner can let pass them by. Between general operating expenses and repair costs, there are many ways you can reduce your commercial property taxes via deductions. Failing to keep accurate records year-round can make property taxes difficult, cumbersome, and could leave you walking away with money on the table. This year, commit to recording every property expense you pay for. We guarantee that while it won't all lead to deductions, there will be something you've paid for that will pay off during property tax season. Research Local Property Tax Laws Understanding how local laws affect your property taxes can save money over time by avoiding costly penalties or interest payments due to late filings or incorrect information provided on returns. If you are unsure of where to start researching local property tax law and changes, a Dallas property tax consultant will be happy to sit down with you today, review your local laws, survey your... --- - Published: 2022-11-28 - Modified: 2024-06-24 - URL: https://www.hegwoodgroup.com/should-you-pay-commercial-property-taxes-early/ - Categories: Commercial Property Taxes By Senior Property Tax Consultant, Rodney Hegwood Local taxing authorities send their property tax bills months in advance because most businesses need some time to gather the money to pay them. Like many other business owners, you probably put off paying the bill until close to the due date, but early payment could be the better move. In some cases, businesses benefit by paying their Dallas commercial property tax by Thanksgiving or at least weeks before the Feb. 1st due date. Start the New Year Without a Big Bill Hanging Over Your Head January is when you take stock of the prior year and plan for the upcoming year. When you already have your tax bill out of the way, you can rest easier. With that big financial obligation off the table, you can focus on making money instead of stressing over writing a big check. Your budget won't take a big hit right when you might need to make a strategic investment or buy inventory for spring. Avoid Paying Penalties The first quarter of the year is pretty sleepy for many business sectors. This means that revenue slows down. If things go badly for you for a couple of months, you might fail to pay your bill on time because you have immediate expenses, like payroll, debts, or insurance. Of course, missing the payment deadline just makes things worse. Penalties begin to accrue immediately and drive your bill up higher. Once you do manage to pay it, you're just... --- - Published: 2022-10-31 - Modified: 2024-06-24 - URL: https://www.hegwoodgroup.com/2023-property-tax-increases/ - Categories: Commercial Property Taxes, Property Tax Appeal, Property Tax Audit, Property Tax Consulting, Property Tax Texas Commercial property taxes in Dallas and throughout the state are among the highest in the nation. In recent years, business owners have been forced to cope with property tax increases in Texas at a time when costs are also rising for supplies, energy, and labor. Options to lower your commercial property taxes may be few, although opportunities to protest your appraisal could arise. However, most commercial property owners will have to find ways to prepare their budgets for the new normal of rising taxes. Reasons Behind Surging Texas Commercial Property Taxes By and large, Dallas commercial property taxes are based on your property's appraised value. In Texas, the assessment ratio is 100% of the appraised value, which differs from other states that apply tax rates to a fraction of the appraised value. Rising Market Values Overall, Texas residential and commercial property values, especially in urban areas, have been rising. From 2021 to 2022, commercial property values in Dallas county went from $157 billion to $180 billion. New construction contributed to this somewhat, but market forces account for the bulk of higher property values. Since 2019, the state capped property tax increases at no more than 3. 5% unless local voters decide otherwise. Limiting tax rate increases can only go so far in the face of rising property values. A higher assessed value can still yield a bigger tax bill even if a tax rate is lowered. Multiple Tax Districts Local taxation districts determine tax rates for their citizens. Areas with... --- - Published: 2022-09-27 - Modified: 2024-06-24 - URL: https://www.hegwoodgroup.com/texas-property-taxes-faq/ - Categories: Commercial Property Taxes, Property Tax Consulting Commercial property taxes can be confusing for any Texas property owner. At the Hegwood Group, we are a team of property tax consultants dedicated to answering the hard questions about state property tax. If you have a property tax question, we’re here to help! Check out some of the most common questions we hear related to Texas property taxes. How are Commercial Property Values Decided? Your local Appraisal District examines properties according to their physical characteristics, like size, construction type, location, and use. The district may look at a property yearly or at least once every three years. Generally, the appraised value derives from a property's fair market value. This figure represents what a property would sell for on the open market when the buyers or sellers are not under duress. Appraisers calculate this number by looking at sales data for similar properties in the area. Real estate professionals call this looking at comparables or "comps. " Commercial property tax values do not always fit neatly into analyses of comparable transactions. For example, income generated by productive lands, like agricultural land, guides valuation instead of market value for the land. In other situations, a commercial property may not have anything comparable to it in the area. Why Did My Commercial Property Tax Go Up? Texas law obligates the Appraisal District to make decisions based on documented factors, such as: Increase in surrounding commercial property values due to sales data Increase in revenue from productive lands Improvements, like remodeling or new... --- - Published: 2022-08-30 - Modified: 2024-06-24 - URL: https://www.hegwoodgroup.com/commercial-property-value/ - Categories: Commercial Property Taxes, Property Tax Consulting To be honest, placing value on commercial real estate is tricky. Commercial property value depends on many variables, including location, building condition, income potential, and maintenance costs. To arrive at a reasonably accurate valuation, especially if you suspect your property has been over-assessed for tax purposes, you need to figure out the best way to approach the calculation. There is no single way to go about determining commercial property value. The results are open to interpretation, but you can learn the most feasible method for valuing your commercial building. Market Valuation of Commercial Real Estate Market valuation relies on sales data for comparable properties. A comparable property is one of similar size and purpose in the neighborhood or city. Unfortunately, this straightforward approach does not always apply to commercial real estate because you might not have comparable properties available. Even if similar properties are in the vicinity, they may not have sold for years, and their old sales figures won't translate to the current day. If comparable properties with recent sales data are present, then market valuation may be an appropriate choice. A Dallas property tax consultant could help you make this decision. Replacement Cost In the absence of sales data or reliable income projections, commercial property owners sometimes turn to the replacement cost valuation method. This calculation looks at how much money it would take to construct the building today. Current material and labor costs and permits enter the equation to arrive at a commercial property value. Income Valuation... --- - Published: 2022-07-28 - Modified: 2024-06-24 - URL: https://www.hegwoodgroup.com/commercial-property-tax-misconceptions/ - Categories: Commercial Property Taxes, Property Tax Consultants, Property Tax Consulting Commercial Property Tax Misconceptions Commercial property tax is a collective financial concern for business owners and investors. The expense is not stable because an appraisal district can alter your tax bill from year to year. This does not mean that your new taxable value is necessarily accurate. You have the right to protest the value assigned to your commercial property, but it's important to avoid preconceived misconceptions about the process. Taxing Entities Direct Appraisal Districts to Raise Assessed Values A big jump in your property tax bill, especially when not expected, makes it easy to think that your local governments have ordered the district to bump up everyone's taxes. Although governments probably wish they could do this, they can do no such thing. Property Tax Code 23. 01 states that tax appraisers establish the market values of properties as of January 1st each year. The Uniform Standards of Professional Appraisal Practice outline the proper procedures for the process. The comptroller's office is supposed to check a district's methods for compliance at regular intervals. Appraisal Districts Make Decisions Based on All Sales Data Texas is a non-sales disclosure state, which means that districts do not have access to all information regarding property sales. No mechanism automatically feeds this data to them. When calculating a commercial property tax, an appraiser relies on local brokers, realtors, and individuals who bought or sold the property to respond to an appraiser's queries. As a result, most appraisals are not based on a complete picture of... --- - Published: 2022-06-28 - Modified: 2024-07-22 - URL: https://www.hegwoodgroup.com/forecasting-tips-for-commercial-property-taxes/ - Categories: Commercial Property Taxes, Property Tax Consultants Let’s face it! Property taxes are getting more expensive by the year. Even if you plan to protest your upcoming assessment, it’s beneficial to have a forecasting and budgeting plan in place for when it’s time to pay your commercial property taxes. Here’s a look at some of our trusted forecasting tips to help you avoid an expensive surprise on February 1, 2023. Look to the Past as a Prediction Unless you’ve made significant property changes at your location or current tax legislation changes in your area, it’s likely that your property taxes 2023 property taxes will look something like the taxes you paid in 2022. Past years serve as an excellent baseline and can help you start saving now for what you are likely to pay next February. If numbers change, they won’t be too far off from last year’s baseline number. Know Your Property’s Tax Ratios A jurisdiction’s tax ratios determine the assessed value of dollar terms that your county assessor places on properties they review. Once you know how your tax assessor approaches properties in your area similar to yours, you can better understand what your property taxes will look like in the coming year. Remember, tax ratios vary by the type of property involved. So, double-check with your assessor to determine the ratios that apply to your property. Analyze the Value Trends of Your Past Taxes Knowing last year’s property taxes may not be enough if you want a detailed estimate of your property taxes. Analyzing... --- - Published: 2022-05-31 - Modified: 2024-07-22 - URL: https://www.hegwoodgroup.com/finding-a-property-tax-consultant/ - Categories: Property Tax Consultants, Property Tax Consulting While filing an appeal and saving money every tax season is appealing, the process can be complicated for an inexperienced property owner. With the right property tax consultant on your side, you can make overpaying your property taxes an issue of the past. However, not all tax consultants are of equal quality, and you’ll have to ask the right questions before working with a team that’s right for you. Here are 5 qualities you should consider when searching for a property tax consultant. Their Appeal Success Rate Appealing your property tax assessment could save you thousands of dollars on your property taxes every year. Yet, before you work with a consulting team, you want to know how successful they are at property tax appeals. An honest team will show you their success rate and average market value deduction in your area. This information will help you determine if your property tax consultants are a good fit. They Have Lots of Questions No property tax situation is exactly the same. Therefore, going into a property tax consultant meeting that doesn’t ask you a lot of questions is a red flag that they are either a rogue team or inexperienced. The only way a property tax consultant can reduce your commercial property tax is to understand the whole picture. Expect to answer questions about your company goals, the property itself, and a record of your expenses from the last few years. This type of information can help a property tax consultant conceive... --- - Published: 2022-04-28 - Modified: 2024-07-22 - URL: https://www.hegwoodgroup.com/why-diy-property-tax-appeal-so-complex/ - Categories: Property Tax Appeal, Property Tax Consultants Commercial property tax appeals are something that all commercial property owners should attempt every tax season. The county assessor is only human. Mistakes happen, and you could be eligible for lower property tax payments in the future. Unfortunately, the property tax appeal process is much more complicated than simply filing your property tax appeal and waiting on results. Thorough reviews, evidence, and (potentially) multiple hearings all go into the property tax appeal process. Attempting these steps with a DIY attitude and zero experience could result in you leaving thousands of dollars on the table. Here’s some insight into what makes a property tax appeal so complex and why you should always work with a property tax consultant during your argument against high taxes. Filing Your Property Tax Appeal Moves Quickly As we’ve mentioned before, filing your property tax appeal is never as simple as just filing. If you feel that your property taxes are too high, you will want to thoroughly review your latest valuation notice. This document lets you know what the latest assessed value is for your property. Keep in mind that once you receive this document, you have 30 days to determine that the assessor overvalued your property. This means that as a first-time DIY appealer, you’ll have to move quickly to identify: Comparable properties in your area Conditions on your property that could lead to a reduction Inequitable taxes for your property Once you’ve gathered your evidence, (which we’ll go into detail on below) and arrived... --- - Published: 2022-03-28 - Modified: 2024-07-22 - URL: https://www.hegwoodgroup.com/what-to-do-if-you-miss-property-tax-deadline/ - Categories: Business Personal Property Tax, Property Tax Consultants, Property Tax Consulting, Property Tax Texas Taxes are one of life’s unavoidable necessities, and ensuring that you pay your federal, state, and property taxes on time is all part of being a responsible member of society. However, what if life got in the way and you let the property tax deadline slip by? Are you in trouble? Is there a way to redeem yourself in the eyes of local tax assessors? We answer all of these questions and more while giving you expert tax advice on what you can do if you’ve missed the property tax payment deadline. Why Don’t You Want to Miss the Tax Deadline? In short, missing the property tax deadline will automatically lead to a 6 percent penalty on your account that accrues by 1 percent for every month that you continually fail to pay your property taxes. Aside from higher property tax payments than what you had prior to the deadline, the county has the ability to place a lien on your property and eventually foreclose on it they decide it is an appropriate reaction to non-payment. When Are Property Taxes Considered “Late”? Property taxes in Dallas, TX are due on February 1st of each year. Any date that property taxes go unpaid after February 1st is considered a late payment that will incur penalties. What Can You Do if You’ve Missed the Property Tax Deadline? It’s easy for property owners to become busy and somehow miss the February deadline. However, even if you’ve missed the deadline, your property taxes still... --- - Published: 2022-03-02 - Modified: 2024-07-22 - URL: https://www.hegwoodgroup.com/real-estate-tax-strategies-2022/ - Categories: Commercial Property Taxes, Property Tax Consultants, Real Estate Tax Everyone wants to save money on taxes, and one of the best ways to do so as a commercial real estate owner is to take advantage of important deductions and other tax strategies that will make next year’s tax season less stressful. Whether you are a new commercial real estate owner or an experienced taxpayer that needs a little help saving money on annual taxes, here is some free advice from Dallas property tax consultants that could help you year in and year out. Understand When to Deduct Certain Renovation Costs Renovations and repairs are often actions that property owners take for granted and believe they can willingly deduct year after year. Unfortunately, certain renovation costs are deductible at certain points in time, and your best bet is to consult with a property tax specialist before deducting repairs and renovations. As an example of the tax complication involved, it’s very easy for a renovation or repair to be deemed an improvement, which would result in a different tax treatment that goes beyond a standard deduction. Remember to Deduct Investment Property Tax Remember, as a commercial real estate investor, you have the right to deduct up to $80,000 in property taxes you’ve paid to the state on your federal tax return. The previous limit was $10,000 but was increased between 2021 and 2030. After 2030, though, the deduction cap returns to the $10,000 limit. Claim Depreciation Every year, take advantage of your property’s depreciation. Claiming your property’s depreciation allows you to... --- - Published: 2022-01-21 - Modified: 2024-07-22 - URL: https://www.hegwoodgroup.com/irs-property-tax-safe-harbors-to-remember/ - Categories: Property Tax Consulting, Property Tax Texas January is here and it’s time to start gearing up to do your civic duty and pay your property taxes. Although most business owners are able to pay their taxes annually with no problems, there’s never a reason to miss out on saving money where possible. There are several IRS safe harbors and deductions that property owners should be aware of while filing their property tax returns. Here’s a look at the most common deduction possibilities and how you can take advantage of them as a commercial property owner. De Minimis Safe Harbor The De Minimis Safe Harbor allows landlords to earn deductions on maintenance and repair invoices that don’t exceed $2,500. A qualifying invoice must be itemized in order to ensure that there is no abuse of this safe harbor. To sum up the safe harbor, the total itemization must be $2,500 or less and cannot be split up from a larger total invoice. Routine Maintenance Every commercial property owner that rents their property out as a landlord is responsible for routine maintenance that includes: Property inspections Cleaning Testing units throughout the building Part replacement on property appliances While in the past property maintenance and inspections were always something owners could deduct, the 2013 safe harbor’s addition of parts replacements gives this aspect of commercial property ownership an extra boost in property tax deductions that taxpayers deserve. Safe Harbor for Small Taxpayers The IRS enacted the Safe Harbor for Small Taxpayers in 2013. In accordance with this safe harbor,... --- - Published: 2021-12-27 - Modified: 2024-07-23 - URL: https://www.hegwoodgroup.com/commercial-property-tax-exemptions/ - Categories: Commercial Property Taxes, Property Tax Consultants, Property Tax Consulting 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 property tax exemptions in Texas available to business owners that you may not know about. 5 Commercial Property Tax Exemptions You May Not Know About Texas 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 Property Tax 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 in Texas 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 property tax 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... --- - Published: 2021-11-30 - Modified: 2024-07-23 - URL: https://www.hegwoodgroup.com/6-reasons-to-be-thankful-for-property-taxes/ - Categories: Property Tax Benefits 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 Dallas 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... --- - Published: 2021-10-29 - Modified: 2024-07-23 - URL: https://www.hegwoodgroup.com/how-can-commercial-property-owners-benefit-from-tax-abatements/ - Categories: Commercial Property Taxes, Property Tax Benefits, Property Tax Consultants Commercial property owners have enough responsibilities on their hands. Worrying about overpaying on property taxes every year shouldn’t have to be one of them. Fortunately, there are property tax abatement programs that can help property owners save money every year on their real estate taxes and set themselves up for a lucrative sale when the time comes to part ways with their property. Let’s take a closer look at property tax abatement programs and how they benefit commercial property owners in Texas. What Are Property Tax Abatements? Property tax abatement programs are local programs that help commercial property owners reduce and sometimes eliminate certain amounts of a property tax. Properties that are eligible for tax abatements: Are usually in neighborhoods in the midst of revitalization Have undergone massive construction or remodeling projects Tax abatements can be attached to a property for years and severely reduce the amount of taxes paid on the property while it is owned and eligible for tax abatement. Does Texas Have Property Tax Abatements? Not every state has property tax and not every state offers property tax abatements. Texas, however, is a state where cities and counties are able to grant tax abatements for specific properties. In Texas, as long as the property rests in a reinvestment zone, is taxable real property, personal property, or both, it’s eligible for tax abatement. What Are the Benefits of Property Tax Abatements? So, why should a commercial property owner apply for a property tax abatement? There are several benefits... --- - Published: 2021-09-27 - Modified: 2024-07-23 - URL: https://www.hegwoodgroup.com/why-should-you-focus-on-your-commercial-property-tax-payments-this-fall/ - Categories: Commercial Property Taxes, Property Tax Consultants, Property Tax Consulting October is just around the corner and it’s time for commercial real estate owners to wait for their annual property tax bill to arrive in the mail. Although property taxes aren’t considered late until February 1st, getting a bill in October doesn’t mean you should sit around until the deadline. Take advantage of the extra time you have and start focusing on your commercial property taxes now! Here’s a look at some of the biggest benefits of making fall your new property tax season. Beating the Tax Deadline Lets You Focus On Your Business As a business owner, worrying about an upcoming property tax payment could result in reduced productivity. As property tax consultants that see these astronomical bill prices daily, we understand why you’d be stressed and say to start planning ahead, now! If you know that you’re going to have trouble paying a lump sum come February 1st, reach out to a property tax consultant and your local tax collector. Most tax offices will gladly work out a payment plan with you if you contact them well in advance with your concerns. There is also the possibility of taking advantage of online accounts and payments. Most property tax sites have a section where owners can log in, view their property tax bill, and make payments directly from the site. When you start paying this way, as long as it’s before the deadline, there is no lump sum to match with each payment. Paying what you can comfortably afford... --- - Published: 2021-08-26 - Modified: 2024-07-23 - URL: https://www.hegwoodgroup.com/how-to-survive-a-commercial-property-tax-audit/ - Categories: Commercial Property Taxes, Property Tax Audit, Property Tax Consultants, Property Tax Consulting Getting audited is any property owner or taxpayer's worst nightmare. However, the sad fact is that many people either make mistakes on their commercial property taxes and wind up in the government’s hot seat. Here’s a closer look at why a commercial property tax audit would occur and what property owners can do to try and move the process into a direction that leads to the least painful outcome. How Serious is a Tax Audit? Most tax audits are based on returns that have been filed over the last three years. Many people believe that a tax audit is the shadow of impending doom and that they could likely be sent to jail for glaring tax errors. While tax errors may result in a substantial bill from an audit, only a convicted offense of blatant tax evasion will lead to a prison sentence. What Should You Do if You End Up Audited? Although tax audits are a stressful situation that can end up costing a commercial property owner thousands of dollars, there are several steps a person in the middle of a tax audit can take to help improve their odds of paying less money at the end of the process. Know What Triggers a Tax Audit There are several items in your taxes that could lead to a tax audit. Some of the most common reasons behind this include the following: Improperly following Texas sales and use tax laws Extremely high or extremely low incomes Failure to report income... --- - Published: 2021-07-30 - Modified: 2024-07-23 - URL: https://www.hegwoodgroup.com/how-to-avoid-common-sales-tax-mistakes/ - Categories: Property Tax Consultants, Property Tax Consulting, Sales Tax Sales tax may seem like a minor inconvenience for business owners to track. However, failure to properly keep tabs on a few cents per product over the years can add up and result in devastating circumstances for your business. Unfortunately, sales tax errors are common and several entrepreneurs find themselves in the federal hot seat while an audit looms overhead. Keep your business on the right side of tax collectors by following these five steps that can help avoid some of the most common Texas sales tax mistakes businesses make. Understand What Use Tax Is Consumer use tax used to fall on the shoulders of consumers to pay back to the government. However, states are now starting to look towards sellers to lay blame when use tax isn’t paid. Use tax is typically seen when a seller from a state with no sales tax sells tangible personal property to a consumer in a state with sales tax. Use tax is extremely important and must always be calculated correctly. Unfortunately, it’s one of the biggest red stains on most commercial audits and can land a business owner in hot water. Avoid use tax issues with the help of a local sales tax consultant. We can help you create a use tax policy for your business, understand the differences between sales and use taxes, as well as help you review your inventory and determine what products are applicable for the tax. Create a Paper Trail for Resale Certificates If you sell bulk... --- - Published: 2021-06-30 - Modified: 2024-09-09 - URL: https://www.hegwoodgroup.com/what-are-benefits-risks-commercial-property-tax-loans/ - Categories: Business Personal Property Tax, Commercial Property Taxes, Property Tax Consultants, Property Tax Consulting When a property owner starts to fall behind on their commercial property taxes, sometimes a loan may seem like a viable option to get caught up or possibly ahead. While there are some significant benefits to obtaining a commercial property tax loan, like all financial gambles, they can be a double edged sword. Here are some of the reasons why many business owners view a property tax loan as an appealing financial move, and why others should think twice before signing the dotted line of a loan contract. Property Tax Loans Help Avoid Costly Penalties Once you miss the deadline for your property tax payments, a 7 percent penalty and interest fee is added to your account each month. Not only does this make your back taxes harder to pay off, but it also puts your property one step closer to a devastating lien and foreclosure. A property tax loan can help settle your back taxes and ensure that your property tax account doesn’t remain in danger of becoming a lost cause. Fast Solution, with Potential Low Monthly Payments Depending on your lender, property tax loans can be approved quickly and could come with low monthly payments that are affordable to meet every month. Keep in mind that this is still a debt you acquire and that some Texas counties are willing to work out payment plans with property owners who cannot afford to pay their property taxes at once on Feb 1. One should always weigh what options are... --- - Published: 2021-05-28 - Modified: 2024-09-09 - URL: https://www.hegwoodgroup.com/commercial-property-tax-management-tips-new-property-owners/ - Categories: Business Personal Property Tax, Commercial Property Taxes, Property Tax Consultants, Property Tax Consulting Becoming a new business owner is an exciting moment in any aspiring entrepreneur’s life. However, while the day-to-day operations of your business are extremely important, there is one annual event you should never leave to chance; tax season! Commercial property tax mistakes can cost business owners exorbitant amounts of money. As commercial property tax experts, the team at the Hegwood Group always says it’s best to be prepared. As you receive your property tax assessment and later, your actual property tax bill, keep these tax management tips in mind to ensure that you don’t pay an inflated tax amount on your commercial real estate. Ensure Correct Property Characteristics on an Assessment Your local property assessor’s office is responsible for assessing all properties throughout your community. Since many of these offices are understaffed, mass appraiser programs are used to assess the value of commercial properties. Unfortunately, to err is both human and mechanical, and your assessment could end up with incorrect property characteristics that increase the estimated amount you’ll pay in taxes. Some of the most common characteristic mistakes on commercial property assessments include the following: Building square footage Improvements that have been made on the property Zoning mistakes, and more! How can you take proactive steps to ensure the correct assessment of your property is made? Reach out to a local property tax consultant and conduct your own assessment of your property’s value. Once you have a true idea of your commercial property’s value, once the assessment arrives, you’ll have... --- - Published: 2021-04-29 - Modified: 2024-09-09 - URL: https://www.hegwoodgroup.com/what-tax-lien-foreclosure/ - Categories: Bexar County Property Tax Consulting, Business Personal Property Tax, Commercial Property Taxes, Property Tax Consultants, Property Tax Consulting, Property Tax Texas Everyone knows that failing to pay your property’s monthly mortgage will eventually result in a painful foreclosure. However, those that already own their property could also be subject to a foreclosure process if they fail to make property tax payments. At the Hegwood Group, our property tax consultants are always here to help our clients ensure that their property taxes are in good standing. No one should have to go through a tax lien foreclosure, but unfortunately, it’s something that flies under the radar for some owners. Here’s a look at what tax lien foreclosure is and what you can do about it if you find your property in jeopardy of county-enforced foreclosure. What is a Tax Lien? Essentially, when an owner fails to make payments on their property’s taxes, the taxes will still need to be paid by some means. In these instances, a government will issue a tax lien that holds a firm grip on the property but allows the owner to make a guaranteed payment on their debt. If the owner makes no attempt to work with the governing authority or to make any payment on the property tax owed, a tax lien foreclosure process takes place. When Does the Foreclosure Process Start? In Texas, the danger of a tax lien on your property is that the sale process can start at any time the entity in power sees fit. If the tax lien foreclosure isn’t contested the process is swift and can be completed in as... --- - Published: 2021-03-18 - Modified: 2024-09-09 - URL: https://www.hegwoodgroup.com/how-can-property-improvements-impact-property-taxes/ - Categories: Business Personal Property Tax, Property Tax Consultants Spring is in the air and for some reason, this season puts many property owners in the improvement mindset. While that extra bedroom, massive storage room or property renovation may be only a quick permit away, keep in mind that your actions could impact how much you pay on future property taxes. Whether you are performing a minor interior renovation or a massive remodel that requires a permit, here are some of the ways your actions can and cannot impact your property taxes. What is Considered New Construction? “New construction” is the key term you need to watch out for when you are debating making a renovation that could increase your property taxes. New construction that costs you long-term cash in exchange for tangible and intangible benefits includes: Any renovation that adds square footage to the property A construction project that requires a permit for completion (i. e. structural changes, moving interior walls or a major bathroom remodel requiring changes to the plumbing) An addition to the property that adds value but not square footage (i. e. a carport to give employee’s covered parking or a swimming pool to enjoy in the summer time. ) When a major construction project on a property gets a permit pulled or attracts attention from city officials, expect a reassessment of your property value after the project is completed. What About Natural Disaster Repairs? If your property suffered from a natural disaster and you were forced to repair or maintain your property, as long... --- - Published: 2021-02-19 - Modified: 2024-09-09 - URL: https://www.hegwoodgroup.com/what-you-cant-pay-latest-property-tax-bill/ - Categories: Property Tax Consultants, Property Tax Consulting, Property Tax Texas February is here and Dallas property owners should be ready to pay off their latest property tax bill. However, 2020 was an unpredictable year and many people found themselves in unfortunate financial situations. Property taxes cost owners thousands of dollars a year and can be even more immediate if the person owns the property without a mortgage to help pay the tax down. So, if your property tax bill arrived and you know you can’t pay the thousands of dollars upfront, the threat of a lien can be stressful. Fortunately, this problem is more common than most owners would imagine, and there are several options available to help settle an account before legal action is taken. Here are some helpful tips to paying down your property tax bill, from trusted Dallas property tax consultants. Appeal Your Property’s Valuation We’ve said it before, but your local tax authority isn’t always right. Sometimes, even with regular increases, a property tax bill can seem substantially high. If you feel that your property tax bill is incorrect, step forward and begin an appeals process against your property’s assessed valuation. Keep in mind, however, that most appeals are sought soon after the property tax bill is received. The window between receipt and necessary payment is narrow, so you’ll want to make sure that no mistakes are made in the process. We recommend reaching out to a local property tax consultant to find out if an appeal is the best route to reducing your current property... --- - Published: 2021-01-25 - Modified: 2024-09-09 - URL: https://www.hegwoodgroup.com/are-you-prepared-property-tax-season/ - Categories: Property Tax Consultants, Property Tax Consulting, Tarrant County Property Tax Consulting Property tax season is just around the corner and we understand that this time of the year can be stressful for homeowners and business owners. So, that’s why we think now is the time to remind all of Dallas’ property owners that there is always the opportunity to be prepared for a less cumbersome season. Here are some things to keep in mind as you take your wallet out and pay your property taxes this year. Double Check Your Property Tax Assessment Although most property tax bills are based on accurate assessments, it’s always a good idea to double check that your property tax assessment is accurate. After all, even the county can make mistakes that aren’t worth you paying extra for. When reviewing your tax assessment, be on the lookout for things such as: Your assessed value is higher than your recent purchase price Incorrect square footage measurements Your Homestead Exemption and/or Over-65 Exemption is not on your property account Your Commercial Property lost tenants, yet your value remained the same or increased from last year’s assessment. These are the types of mistakes and omissions that can result in you paying more than your fair share in property taxes. Fortunately, there is a way to speak out against glaring errors. If You Have Objections, Speak Up! Overpaying on property taxes isn’t helpful to you at all. So, if you find any errors in your assessment, be prepared to appeal your Appraised Value. With the correct documentation and the help... --- - Published: 2020-12-21 - Modified: 2025-01-31 - URL: https://www.hegwoodgroup.com/what-aspect-your-property-tax-is-tax-deductible/ - Categories: Business Personal Property Tax, Property Tax Consulting, Tarrant County Property Tax Consulting, Travis County Tax Consultants 2020 is finally coming to a close and many Texans are starting to think about the impending tax season. One of the biggest perks that people try to gain when filing their taxes are property tax deductions. Work equipment they’ve bought and miles traveled for work are usual deductions. But did you know that parts of your property taxes are also deductible on your Federal tax return? Here’s a look at how you can successfully approach a property tax deduction when you file during the first half of the new year. Who Can Claim Property Tax Deductions? Not anyone can simply claim a property tax deduction because they live or work on a property. In order to benefit from your property on your taxes you must be the owner of the property. Even if you are the person who pays the taxes on a property, if your name isn’t listed as a legal owner, you cannot claim any type of deduction. As a general rule, in order to benefit from any type of property tax deduction, the taxes in question must be charged directly to you. What is Legally Able to Be Deducted? Real property taxes that you pay on your real estate that you own is purely deductible on Federal forms. However, the government is aware that some taxing authorities continuously increase property taxes, and these claims could become quite high without a limit. Therefore, in 2018, the Tax Cuts and Jobs Act (TCJA) was put in place. This... --- - Published: 2020-11-26 - Modified: 2025-01-31 - URL: https://www.hegwoodgroup.com/do-you-qualify-agricultural-property-tax-exemption/ - Categories: Property Tax Consultants, Property Tax Texas Texas is a state that is full of land that is ripped and ready for agricultural use. However, many people entering the agriculture industry don’t realize that their land can actually be more fruitful than perceived. Aside from the financial benefits of growing and distributing crops and timber, property owners can actually save money on property taxes through the local Agricultural Tax Exemption. Here’s a look at who qualifies and why you should look into it as a local farmer. What is the Agricultural Property Tax Exemption? The agricultural tax exemption allows owners of agriculture and open space land to have their property appraised at lower levels. If an agricultural property consists of at least ten acres and was deemed exempt in the former tax year, it qualifies as an agriculturally exempt land. If you reside on agricultural land, you may qualify to be exempt from other taxes that include: State and local sales tax on farm related products Motor vehicle sales and use tax for equipment you use on your agricultural land Particular state franchise taxes How Does Texas View the Value of Agricultural Land? When determining the value of agricultural land for property taxes, the state does so by evaluating the actual productivity value of the land instead of the market value. Being taxed at productivity value allows the landowner to pay a significantly reduced amount of property taxes in comparison to the average commercial property owner. Open Space Valuation and Who Qualifies You may read this article... --- - Published: 2020-10-30 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/how-proactively-plan-tax-appeal-age-covid-19/ - Categories: Property Tax Appeal 2020 has brought several changes to our lives with the surge of COVID-19 cases throughout the state of Texas. During this time, the economy slowed to a halt and has just now begun to grind the gears of progress once again. Many retail property owners have found themselves in dire circumstances and worried about how they are going to face 2021 property taxes when there has been so much loss throughout the economy. At our property tax consulting firm, we specialize in helping commercial real estate owners appeal their property taxes every year. 2020, while grim, is no different. In fact, this year could provide more opportunities for appeals with the right documentation on your side. Here’s a look at some of the items we can examine with you to help successfully appeal your commercial property taxes. Document Your Weekly Revenue Loss Has your inventory been affected by the pandemic? Has the close of the economy brought your weekly revenue to a halt? A property tax consultant can help you document your overall revenue loss throughout the pandemic and use this data to help you win a property tax appeal. After all, if your business was shuttered for months with little to no cash coming your way, what actual value did the property hold for you? Document Idle Equipment & Furloughed Employees Your equipment and employees are an essential part of your business’s overall value. In order for your business to make a difference in a local economy and increase... --- - Published: 2020-09-30 - Modified: 2025-01-31 - URL: https://www.hegwoodgroup.com/property-lien-scams-taxpayers-beware/ - Categories: Property Tax Scams A tax lien from any governing agency is one of the most frightening scenarios for any taxpayer. This is especially true when it comes to unpaid property taxes or threats from higher government agencies to take over your property if payment isn’t received. However, while any property tax lien message should be taken seriously, scammers can also use these threats to fraudulently take your money, even if you’ve already paid your taxes. Want To Know If You Are Being Scammed? At our firm, we focus on property taxes and helping our clients save money. While not all of these scams involve property tax, we still want to help as many property owners as possible spot these scams and follow up on them with due process. Here’s a look at what you can do if you get a foreboding letter from the “IRS” or local tax agency that you feel deems a fraud alert. Bring the Letter to a Property Tax Consultant Getting a hold of the IRS over the phone to discuss tax issues can take hours. So, if the message involves a lien on your property, don’t be afraid to reach out to your trusted property tax consultant. As a customer of a consulting firm, you will have access to a team of experts with the resources to track down your payment history, and help you determine if you have, in fact, missed anything regarding your property or general taxes. If your tax questions go beyond our expertise, we... --- - Published: 2020-08-31 - Modified: 2024-09-03 - URL: https://www.hegwoodgroup.com/5-common-real-estate-tax-mistakes/ - Categories: Property Tax Consultants, Property Tax Consulting, Property Tax Texas, Real Estate Tax Real estate property tax can be a confusing subject and it’s easy to make mistakes that can financially put you in a bad place. If you’re a first time investor in real estate and dread the looming tax seasons, here are five mistakes you should avoid in order to save some money on your property taxes next payment period. Deducting the Wrong Property Tax Year Remember, your tax deductions are only eligible for taxes you’ve paid in that year. When it comes to property taxes, some authorities are a year behind or allow you to pay your property taxes a year early. Always double-check with your taxing authority or real estate tax consultant when the actual taxes were paid and if you can legally use them as a deduction on your Federal taxes. Home Improvements and Repairs Are Not the Same Home repairs and improvements may bring value to your home or business as an owner, but they aren’t equally valuable in the eyes of the IRS. Before you make any deductions on that bathroom renovation, make sure to speak with a tax professional to ensure that you don’t make a tax slip-up. Getting Escrow Amount and Actual Taxes Paid Mixed Up When the time comes to claim deductions on your property taxes, don’t get the escrow amount your lender puts towards your bill confused with your actual payment. Your lender will usually put aside a little above or a little less than what your true property taxes are. For... --- - Published: 2020-07-30 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/the-property-tax-consultants-guide-to-ad-valorem-tax/ - Categories: Uncategorized Property taxes are an annual weight on any commercial property owner’s shoulders. While most owners are used to getting standard property tax bills, sometimes industry terms pop up that can leave them scratching their heads. One term that usually causes confusion with taxpayers is Ad Valorem Tax. While many people know it has close ties to their annual bill, they may not be aware of the specifics that come with Ad Valorem Tax and commercial property. Here’s a closer look at the details. What is Ad Valorem Tax? Simply put, an Ad Valorem Tax is a term that’s used to represent the assessed value of an item. It literally translates from Latin to, “according to value. ” In this instance, Ad Valorem Tax represents the property tax that hangs over a piece of commercial real estate. Is Ad Valorem Purely a Property Tax? No, Ad Valorem tax isn’t just focused on property. Ad Valorem taxes are also levied during transactions. Sales tax is Ad Valorem. The biggest difference is that while Ad Valorem focused on real estate is annually calculated, transactional Ad Valorem is levied when the transaction is complete. How is it Calculated for Commercial Property? Commercial property is considered a real asset. So, when it is levied, the tax is calculated based on the fair market value of the property. Remember, this is still the commercial property tax valuation that we typically focus on. It is: Calculated by local municipalities Assessed by county assessors Based on comparable market... --- - Published: 2020-06-15 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/4-reasons-you-must-attempt-a-commercial-property-tax-appeal/ - Categories: Property Tax Appeal In Texas, it seems like property tax rates just keep going higher and higher every year. Sure, this can be stressful on a resident, but for commercial property owners, tax season can be a particularly taxing time. Whether you own one building or a chain, as a commercial owner, you’ll have to pay the piper at the end of the day. While paying the full amount may seem like the noble move, the truth is, you could potentially be overpaying on your taxes. This is why sometimes it’s best to hire a property tax consultant. We could talk about appealing and winning property tax protests all day, but ultimately, it’s your decision to make the move. Here are four crucial reasons why you should always have an appeal prepared when tax season rolls around. Your Appeal Won’t Impact the Cost of Your Property Taxes! Many business owners think a property tax appeal will make their property taxes go up. A tax appeal isn’t a credit check! You won’t be penalized for trying to lower your payments. Your county assessor won’t scour through your appeal and find ways to raise your taxes because you dared to ask them to double-check their information. In fact, the only way your property taxes can be increased during an appeal in Texas is if you agree to it! You Can Always Try Again If you’ve attempted an appeal in the past and believe you can’t file for another one, you’re wrong. Whether or not you... --- - Published: 2020-05-15 - Modified: 2023-08-23 - URL: https://www.hegwoodgroup.com/saving-money-while-your-property-tax-bill-looms-in-the-distance/ - Categories: Property Tax Texas Despite the Governor's orders to start reopening Texas, there is still quite some time after the COVID-19 pandemic for things to get back to normal. Although many people were hit financially throughout this crisis, the knowledge of an upcoming property tax payment leers in the back of the minds of many homeowners right now. At The Hegwood Group, we understand that times are stressful and that a large property tax payment can be daunting as our lives continue to exist in limbo. Whether you are planning for a residential or commercial property tax bill, here are some options to consider as we continue into 2020. Can Your Financial Institutions Defer Payments? Sometimes during a time of crisis, your financial institution could find a way to help you save some money. In fact, several companies right now are working with their customers to defer payments on accounts for a specific amount of time. If you think that your bank or loan holder may be a business that is helping those affected by coronavirus, reach out to them. The money you save today could be a part of what goes towards your property tax bill in the future. However, keep in mind that every business offering these deferments has select options for their customers. Reach out and find out if your circumstances warrant their financial assistance. Prepare to Dispute Remember, you have 30 days to file a property tax dispute from the date you receive your assessment. Right now, due to COVID-19,... --- - Published: 2020-04-16 - Modified: 2023-08-23 - URL: https://www.hegwoodgroup.com/the-impact-of-covid-19-on-the-property-tax-landscape/ - Categories: Property Tax Consultants With the emergence of the Coronavirus Pandemic, life as most of us know it has been put on hold. Even the nation’s official Tax Day has been extended to July 15. With the flurry of changes going on, several industries have shifted gears, including the property tax landscape. Here’s the most up to date information on how COVID-19 has impacted property taxes at both a local and national level. How Have Local Property Taxes Been Impacted? Actual property tax bills already went out to constituents last fall, with expected payment in February. Since this was all prior to the declaration of a pandemic, we won’t experience some of the extensions others are seeing in parts of the nation. However, there are still some ways your property taxes could be impacted. According to state tax code, Property Tax Appraisals are issued no earlier than April 1. Most are issued near April 15th but many are delayed this year due to government closures. As always, the deadline to file a property tax protest is 30 days after the date on the appraisal notice, so it’s important that homeowners heed the notice date and mark their calendars accordingly if a property tax protest is something they need. Can You Still Pay Your Property Taxes? Not all property owners pay their taxes in one lump sum. Some have worked out payment plans with their county in order to pay off their tax bill over time. The good news is that even though physical county... --- - Published: 2020-03-16 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/3-easy-ways-to-pay-less-on-commercial-property-taxes/ - Categories: Property Tax Texas If you’re the owner of commercial property, then you are already well aware of the expenses involved with managing your property. While you have control over most of them, like maintenance and rent, one aspect that may feel completely out of your control is the amount you pay in annual property tax. Beyond a difficult appeal, it may feel like you’re powerless to the financial powers that be. Well, we’re here to show you these tips that will help you cut down on your annual commercial property tax payments. Find Out What You Pay Annually This is especially important for people who own multiple commercial properties. Most owners of multiple locations simply pay their annual property tax bill without hesitation or thought. We suggest getting with a property tax consultant and taking some time to look over what exactly you pay annually for each property. We can help you understand what the true value of your properties are in comparison to relative properties in the area. There’s a chance you’re being overcharged and we’d be glad to help you find the cracks in the establishment. Are There Discounts for Early Payment? Some counties offer discounts or extensions for early payment. For example, in Tarrant County, if you pay half your property tax by November before the February due date, they will grant you a couple of months extension to pay the rest. While this type of deal isn’t necessarily a discount, it’s still a way to save money long-term that... --- - Published: 2020-02-28 - Modified: 2023-08-23 - URL: https://www.hegwoodgroup.com/tips-for-hiring-a-property-tax-consultant/ - Categories: Property Tax Consultants It’s tax season, and the first order of business is getting your property taxes paid on time and in full! Reviewing your assessment and forking over (possibly) too much money to your county officials gets tiring, and having someone on your side to help would be beneficial. Before you go out and hire the first property tax consultant, make sure you have the right candidate for the job! Here are four easy tips to follow when hiring a property tax consultant that meets your needs for 2020 and beyond. They Have Commercial and Residential Services No matter what you want out of a property tax consultant, be it residential or commercial tax services, make sure to find one who can do both. Not only does this show a commitment to their craft, but it also helps build up their credibility as a company that can help you save money on your taxes. At The Hegwood Group, we are proud to be Dallas’ premier consultants because we have experience with an extensive range of tax services. Our experts handle: Personal property tax Business property tax Real estate tax Sales and use tax, and more! Commitment to Helping You Answer Property Tax Questions Navigating your personal property taxes can be a harrowing experience as an average homeowner. Before hiring a property tax consultant, have a select list of questions and concerns prepared to cover with the candidate. If they express the ability to answer your questions or at least the commitment to... --- - Published: 2020-01-17 - Modified: 2023-08-23 - URL: https://www.hegwoodgroup.com/tips-to-successfully-appeal-your-commercial-property-tax-bill/ - Categories: Property Tax Texas Commercial property tax can get expensive in Dallas, Texas, and sometimes it may feel like there isn’t anything you can do except pay the county what they say is owed every year. This year, before you make that large business property tax payment, consider taking advantage of a property tax appeal and saving your business some money this tax season. If you thought appeals were only available to personal property, we’re here to say, you’re wrong! Here are some of the key reasons why you should appeal commercial property taxes and what you can do to ensure your appeal is strong enough to have a fighting chance. Why Should You Appeal Commercial Property Tax? Any property tax consultant will tell you that appealing your business property tax is a risk that can only benefit you. We ask, why run the risk of overpaying business property tax when it’s not even guaranteed your assessment was done properly? The potential tax savings alone are enough for most people to make an appeal decision, but it’s also important to appeal in order to: Ensure correct property assessment Reduction of financial risk due to high property tax payments Steps to Successful Appeals While it may seem like a difficult process, a property tax appeal is actually quite simple once you know the route to success. Before you file your appeal, follow these three tips to increase the odds of success for your efforts. 1. Study Local Valuation Criteria You can’t properly contest how your... --- - Published: 2019-12-16 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/reasons-why-youre-overpaying-your-property-tax/ - Categories: Property Tax Consultants With the property tax costs continually rising each year, it’s no surprise that most homeowners don’t think before they pay that lump sum in February. However, as Dallas property tax consultants, we’re here to say that overpaying can happen; you just have to know the signs. If you’re dreading that next property tax payment, here are some signs that you’re overpaying and what you can do to remedy the situation. Mistakes On Your Assessing Card Yes, even your local government makes mistakes on your property’s assessment. However, unless you catch the errors and make moves to get them fixed, there likely won’t be an admission any time soon. Before your property assessment becomes a tax bill, make sure all of the information is correct. Double-check your assessing card with regard to: Your home’s square footage The recorded number of bedrooms and bathrooms The condition of the house when last assessed If you find there are, in fact, discrepancies, there’s no telling how long you’ve been overpaying your tax bill. Fortunately, working with your local assessor will be able to clear up some of these expensive oversights. Researching Surrounding Properties Do you feel like you’re paying more money for property taxes than a similar house in your vicinity? You very well could be, but won’t be able to be certain until you truly know your property’s worth in comparison to related properties. If you think your property is overvalued, research similar real estate tax information and find out what their assessments... --- - Published: 2019-11-18 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/reasons-to-pay-property-tax-before-thanksgiving/ - Categories: Property Tax Consultants A property tax bill isn't usually something homeowners in Dallas don’t think about paying until the end of January. However, there is no law in place that says you can’t pay your tax bill early. Yes, it may seem odd to throw down the money before it’s due, but as property tax consultants, we can tell you that there are some serious advantages. At The Hegwood Group, we are Dallas property tax consultants that want to see you succeed this tax season. Find out how you can save money and more by paying your property taxes before Thanksgiving. Save Yourself the Stress of a Full Property Tax Bill It’s no secret, property taxes in Dallas are only rising over the years. Why stress yourself out directly after the holiday rush to gather the thousands of dollars you need to appease the county? By paying early, you can shore up the money you’ll need to ensure your family starts the new year off without a financial cloud over its head. It may require you to save up and drop a lump sum at once, but you’ll be paying it regardless. We say save yourself the stress and pay it off early if you can. Save Money Now, Save Money Later Some counties in Texas have payment plans and incentives for homeowners to pay a property tax bill by Thanksgiving. For example, in some areas, if you pay half of your property tax bill by the end of November, you get to... --- - Published: 2019-10-18 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/red-flags-to-look-out-for-when-purchasing-tax-delinquent-properties/ - Categories: Property Tax Texas Tax-delinquent properties can be a blessing and a curse for first-time home buyers. Sure, you may have negotiation power and be enticed to buy in by motivated sellers, but it’s always advised to enter into a sale with full knowledge of past real estate tax and what other issues you’re getting into. While tax-delinquent properties may seem like a huge red flag for some, The Hegwood Group is here to state that it isn’t all bad. As long as you know the risks and steps you should take when purchasing said properties, you could find a home that’s a diamond in the rough. Tax-Delinquent Properties Could Have Unseen Liens The worst position you can put yourself in is beneath a home that is sitting on thousands of dollars in delinquent taxes. Keep your finances away from these issues by investing in title insurance as one of your closing costs. Title insurance protects your rights and ensures any property you purchase is clear of any liens once under your ownership. Our advice is to have this insurance when you know the home you want is “the one. ” This way, the process of checking of liens will be complete before closing. Missed a Lien? Sometimes, without the help of a property tax consultant, liens can be overlooked in the discovery period. Fortunately, if you have purchased title insurance, liens on the property that were missed prior to closing will be taken care of through your title insurance. No Title Insurance? Prepare... --- - Published: 2019-09-18 - Modified: 2023-08-23 - URL: https://www.hegwoodgroup.com/understanding-your-property-tax-abatement/ - Categories: Property Tax Texas Dallas commercial building owners are always on the lookout for ways to reduce the annual amount they have to pay to the county in property taxes. One of the most efficient ways we’ve discussed in the past is a property tax appeal. However, not everyone has the time it takes to dedicate an appeal and some just want to be exempt for an extended amount of time so they can raise the funds needed to comfortably handle current and future taxes. Fortunately, for companies looking for this solution, there is a golden ticket called a property tax abatement. What is a Property Tax Abatement? Tax abatements are primarily seen during the purchasing of residential and commercial property. An abatement is a financial incentive that can eliminate or reduce the amount of property taxes paid to the taxing entity. This is a great way for city governments and federal governments to make a harder to sell property appealing and allows buyers to save a little money upon the sale of the property. The bigger picture is tax abatements give the local economy a boost and encourage business owners and homeowners to buy in specific cities, counties, and states. Neighborhood improvements are always a good thing, and tax abatements are a simple way for governing entities to help push progress along through commercial real estate and residential upgrades. Once an abated property is purchased, a buyer is now responsible for necessary improvements of the building, or else the abatement can be nullified.... --- - Published: 2019-08-15 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/how-file-a-property-tax-protest-and-win-the-battle/ - Categories: Property Tax Texas Texans tend to file a property tax protest when they receive a property tax assessment that serves as a prelude to what they’ll be paying in the next year during tax season. While appraisal districts do their best to get the numbers and facts right, sometimes mistakes get made. Property tax bills have continuously become more expensive for homeowners, so even the smallest mistake can be costly. If you believe your property appraisal is too high, protesting is an option. Find out what you need to do in order to increase your chances of reducing your property tax bill. File Your Property Tax Protest On Time This may seem like an obvious tip, but it’s one of the biggest mistakes people make when wanting to reduce a property tax bill. From the time an appraisal has gone out, homeowners have until May 15 to file their protest. If you’re unsure of how to start the protest process visit your appraisal district’s website or meet with a property tax consultant for the specifics. Even though filing a protest doesn’t guarantee your taxes will be reduced, at least you have a start in the right direction. This is helpful because if you miss the deadline, then you’re just stuck paying what the appraisal determines. Prepare for Your Presentation to the Review Board Once you have filed your protest, you can ask for appraisal evidence from your district. This includes information about the market value of similar houses to yours, what they appraised... --- - Published: 2019-07-17 - Modified: 2023-08-23 - URL: https://www.hegwoodgroup.com/what-to-expect-from-the-recent-property-tax-reform-bill/ - Categories: Property Tax Consulting Throughout the latest administration, Dallas residents have witnessed significant tax reform movements that have had an impact on property taxes throughout the state of Texas. Recently, our Gov. Greg Abbott signed a property tax plan that has the goal of lightening the load that property owners face during tax season. If you haven’t already heard about the Texas Property Tax Reform and Transparency Act of 2019, here are all of the main points you need to know as we enter a new era of property tax relief. What is the Texas Property Tax Reform and Transparency Act of 2019? The Texas Property Tax Reform and Transparency Act of 2019 takes full effect on January 1, 2020. This act focuses on property tax relief for homeowners and businesses. As a whole, the bill will create a revenue cap for cities and counties that will slow down property tax increases. If you pay property taxes in Texas, knowing these rules, dates, and laws can help you understand your rights as a taxpayer and property owner. Why Taxpayers Needed This Passed Any Dallas homeowner knows that property taxes have been on the rise throughout the state. On top of that, transparency really hasn’t been present when taxpayers attempt to appeal a property tax bill. This act is necessary because not only will it pump the brakes on rising rates, but it also helps make the appeal process more streamlined for the average county citizen. Key Provisions of the Property Tax Reform Act With... --- - Published: 2019-06-14 - Modified: 2023-08-23 - URL: https://www.hegwoodgroup.com/why-are-your-property-taxes-so-high/ - Categories: Property Tax Consultants If you’re a Texas homeowner, then you are already well aware of the surging property taxes the Dallas-Fort Worth area has experienced over the years. When you bought your property, surely you expected some property tax increases, but nothing as substantial as what the real estate market is seeing in 2019. Currently, Texas has property tax rates that loom over the national average. Here are some of the reasons why your annual bill has increased and what you can do if you feel like you should be paying less to live on your property! Property Valuations Are the Main Culprit Unlike most states, counties in Texas evaluate all commercial real estate and business personal property on an annual basis. Once these valuations are made, the outcome usually increases property values, therefore, raising the property taxes for the average owner in the area. The problem is that the increases aren’t always accurate and can create an unnecessary higher bill for a property owner. Incorrect valuations are typically due to the valuations process itself. The state takes an income approach and doesn’t exclude a business’s intangible value that isn’t related to the actual property. So, in a nutshell, property taxes are rising based on the financial success that a business’ property generates. Local Governments Use Your Taxes to Fund Services Another factor that keeps property taxes high is that there is no state income tax in Texas. This means that your property tax payments are going out to cover community essentials in... --- - Published: 2019-04-30 - Modified: 2024-04-02 - URL: https://www.hegwoodgroup.com/the-high-price-higher-risk-of-property-tax-loans/ - Categories: Property Tax Consulting The risk of losing one’s home to foreclosure due to non-payment of property taxes is one that no homeowner should take. However, instead of working with local governments to organize payment options, some Dallas homeowners take an even bigger gamble on their home in the form of property tax loans. These loans involve a process where a property tax lender pays your taxes to your Tax Collector, and the owner then pays the lender back through a payment plan. While most homeowners that go this route are able to pay back the loan, many lenders don’t require credit checks and failure to follow the plan can quickly result in a foreclosure on the property by the lender. Do You Really Need a Loan? The short answer is, no. Property owners tend to want to pay back any back taxes as soon as possible. However, if your property tax bill is under $3,000, the interest of some property tax loans isn’t worth the trouble. This is especially true for homeowners residing on a homestead, are disabled, or over 64-years-old. If you find yourself in a situation where you are having trouble paying your taxes, talk to your Tax collector about a payment plan through them. Before jumping head-first into a loan, you should first figure out if the loan will actually save you money, or just end up costing you more than if you paid back the Tax Collector. What Are the Risks of a Property Tax Loan? When a homeowner... --- - Published: 2019-03-29 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/4-common-tax-mistakes-first-time-property-owners-make/ - Categories: Property Tax Consultants Taxes are no joke, so getting them done right should be your priority at this time of the year. While all first-time homeowners understand the importance of filing the right way, there can still be some confusion resulting in tax mistakes. Here are four of the most common property tax mistakes that we see every year and how you can avoid the IRS knocking at your door. Deduction of the Wrong Property Tax Year Your property taxes have already been paid and it’s now time to reap the rewards with a deduction during the main tax season. However, in the excitement of potential savings, make sure that you are entering the correct tax year on your federal forms! When deducting property taxes, you need to take your deduction in the year that the taxes were actually paid. This can be confusing because many taxing authorities bill property taxes a year behind. Our advice, seek out a property tax consultant to help clear up any information before you file. Confusion with Actual Taxes Paid Many lenders will escrow funds to pay property taxes. We can’t tell you how many first-time homeowners we’ve seen that have deducted the amount escrowed and wound up in a revenue bind. Prior to tax season, you should have received a Form 1098 from your lender. This will have the actual amount of property taxes paid that you can deduct on your federal forms. Overclaiming On Your Mortgage Interest Tax Deduction Remember, taxpayers who have purchased real... --- - Published: 2019-02-14 - Modified: 2023-08-23 - URL: https://www.hegwoodgroup.com/the-consequences-of-not-paying-your-property-taxes/ - Categories: Property Tax Consultants Property tax payments are a given for any Dallas homeowner. Many people have these payments taken out in their monthly mortgage statement, while others who own their homes have to plan out to make their payments by the deadline. Either way one cuts it, the taxes need to be paid, and not doing so results in some dire consequences for a homeowner. Tax Liens and Losing Your Home Once the date has passed for a homeowner to pay their property taxes in Dallas or Tarrant County, the account becomes delinquent. While this is generally not a good position for a homeowner to be in, there are steps that can be taken to avoid a lien being placed on the home. A lien on your home is a notice that is attached to your property that does not allow your property to be sold until the taxing authority is granted its money. In order to prevent a lien from being placed on your property, a homeowner must either pay their property tax on or before the due date or make specific arrangements with the county if they are eligible for a payment plan option. Taxing Authority Foreclosure If you simply fail to pay your property taxes and let them go unpaid for a lengthy amount of time, you will eventually lose your home to foreclosure. If your property taxes are connected to your mortgage payment and have gone unpaid, the lending company will usually pay these back taxes and then seek... --- - Published: 2019-01-30 - Modified: 2024-12-09 - URL: https://www.hegwoodgroup.com/property-taxes-and-more-after-death/ - Categories: Property Tax Consultants Death is an unfortunate aspect of everyone’s lives. When it happens, it is unexpected and many people’s situations become turned on their heads. Our property tax consultants know that one of the most stressful issues to some is that of property and taxes that can get passed on to successors. At the Hegwood Group we believe having a deeper understanding of these issues is key to helping your family face them calmly and collected when the time comes. Here is some property tax information that can get you on the fast track to understanding taxes after death. WHAT HAPPENS TO YOUR PROPERTY AFTER DEATH? This question is best answered with a question in return. Do you have a will? If you pass on without one in place, your property is distributed based on how the State of Texas determines is proper. This is called dying “intestate. ” When a loved one passes away “intestate,” not only is their property divided up based on state mandates but so is any other asset a person owns at the time of their death. WHAT DO SUCCESSORS TAKE OVER AS FAR AS TAXES? While the thought of “intestate” standing may be frightening to you and your loved ones, it can be avoided. With estate planning, you and your family can come up with a succession plan that keeps your assets where you want them. There are some tax implications involved with proper estate planning that we think need to be clearly understood in order... --- - Published: 2019-01-05 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/4-things-to-remember-about-your-2019-property-assessment/ - Categories: Tax Assessment Every year Dallas homeowners receive a property assessment notice. This notice shows homeowners the assessed value of their property by the assessor in their jurisdiction. While most people automatically start worrying about their potential property tax bills coming up in the next year, there are four things that we think you should keep in mind when reviewing your property assessment notice. It’s not a bill You should know why your property was assessed at its current value How does your property measure up with the rest of the market? Should you contest? 1. This is Not a Bill These notices should not be confused with the property tax bill that one would receive in November. Your actual property taxes are not stated on this notice. Although, by reviewing the taxable value on your assessment, you can have a good idea of what to expect when it comes time to pay. A local property tax consultant will be able to help you calculate your potential upcoming property taxes based on the information in your assessment. 2. Examine Property Worth and Why Your assessment is usually carried out by either the replacement method, the sales comparison method, or the income method. Regardless of the method used, the assessment shows what your county assessor believes that your property is worth by property tax season of that year. When thinking about why your property was assessed at a certain value, it is important to consider whether or not you have added any value to... --- - Published: 2018-12-31 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/5-signs-you-need-to-hire-a-property-tax-consultant-in-2019/ - Categories: Property Tax Consultants 2019 is just around the corner and it is time to start finalizing your property tax payments from last year. Sometimes during or after making these payments, homeowners may have questions and be unsure of who to turn to for help. Even though the County Clerk in your area can answer some of the basic property tax questions, a property tax consultant is your best choice for the more advanced tax concerns. 1. You Recently Purchased or Sold Property Thanks to recent tax law changes, real estate sales and purchases can have a significant impact on your taxes. First-time homeowners may be eligible for deductions. A person’s age may also open them up to possible savings. Taking advantage of claimed expenses and available deductions can be a real money saver the next time a tax bill makes its way to your doorstep. 2. Major Life Changes Have Occurred If you’ve recently experienced a life-changing event like a divorce or marriage your property tax situation could require some extra assistance. A recent marriage or divorce can affect: Your homestead exemption status The amount you have to pay on property taxes Deducted mortgage interest from joint taxes 3. You Feel Like You’ve Over-Paid Your Property Taxes It’s important to keep track of how much you pay for your property tax on a year-to-year basis. A spike in your payment should set off some mental alarms because you may be overpaying due to an error. In these situations, it is important to reach... --- - Published: 2018-11-20 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/what-is-the-property-owner-rule/ - Categories: Tarrant County Property Tax Consulting Every year, when your property tax assessment arrives, you should be thinking about ways that the County Assessor could have made a mistake. Property tax appeals are filed regularly by Dallas homeowners because when filed correctly, they can help minimize property taxes. There are several steps that homeowners can to towards protesting and reducing property tax value, but one area that can be overlooked is the “Property Owner Rule. ” Every year, homeowners protesting property taxes shell money out to expert appraisers, when there is a more affordable alternative readily available. Understanding the “Property Owner Rule” can help you save money in more ways than one. Here’s a look at what this Texas law is and how you can benefit from it this upcoming tax season. What is the “Property Owner Rule? ” Essentially, this rule is put into effect after a property tax protest has already been denied or results were unsatisfactory. From here, in order to continue fighting a bill, an appeal must be filed in a Texas District Court. For most people, the cost to hire an appraiser outweighs the potential reduction in their property tax bill. However, the: ”Property Owner Rule” helps overcome these costs if the owner can prove that they are personally familiar with their property. Once this is proven, the property owner is then considered to be qualified to speak out about the value of their property. In Texas, the owner doesn’t even have to qualify as an expert witness. This is primarily... --- - Published: 2018-11-05 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/4-tips-to-lower-your-commercial-property-taxes/ - Categories: Property Tax Consultants Every business owner in Dallas that works out of their own building pays commercial property taxes. On top of other standard business expenses, tax season can become quite “taxing” for many commercial property owners. While most people understand that they can protest their standard property taxes through an appeals process, some business owners are still left in the dark to money-saving techniques that can help during tax season. Here are four ways that you can approach potentially lowering your commercial property taxes this season. 1. Research Your Local Appeals Process Depending on your jurisdiction, the appeals process can at least save you some money in the short-term. Some jurisdictions will allow commercial property owners to pay a portion of their taxes during an appeal, and either save the remaining money or pay it back if the appeal is denied. Every jurisdiction is different and could have little-known clauses in the appeals process that can save you money. We suggest meeting with a property tax consultant to discuss the appeals process in your area and if it can help you save some money this tax season. 2. Know How to Classify Your Assets When it comes to the valuation of your commercial property, knowing how to classify your assets could be the difference between saving money or overpaying on a tax bill. Based on your industry and the equipment that you use, you could be classifying your assets wrong and losing out on a favorable tax position. Some equipment could even... --- - Published: 2018-10-30 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/4-mistakes-and-misconceptions-made-about-property-tax-appeals/ - Categories: Property Tax Texas When you believe that you are overpaying on your personal property tax, you may make swift moves towards an appeal. Although most Dallas property owners know that the process exists, there are still several misconceptions about the process that could leave you with a lot of money on the table. Thinking You Don’t Have to Pay if You Filed a Protest Assuming the Comparable You Pick is Correct Thinking Your Property Taxes are Fixed Having a Prior Successful Appeal and Assuming You’re now in the Clear 1. I Filed a Protest! Therefore, I Don’t Have to Pay! Please don’t make the grave mistake of believing that you are exempt from paying your property taxes because of an appeal. Even though you may disagree with having to pay your property taxes, you must still pay. Filing a process may create a pending case with your local tax assessor, however, you must still pay at least the lesser of the amount of taxes due on or before the delinquency date. 2. The Comparable I Pick is Always Right One of the key strategies to ensuring that your property assessment is incorrect is by comparing your property’s value to similar properties in the area. However, a successful comparison is not made by simply assessing a few houses in your neighborhood. While these properties may be similar on the outside, they may also be over-assessed or may qualify for tax exemptions that you can’t achieve. Working with a realtor or property tax consultant is... --- - Published: 2018-09-21 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/how-to-protect-your-commercial-property-from-market-fluctuations/ - Categories: Texas Property Tax Rates It is common knowledge that real estate property tax fluctuates. Homes are remodeled, property values are reassessed on a regular basis, and people are on the constant hunt for a new home. However, when commercial property taxes fluctuate based on the market, things can seem a little more complex. Many commercial businesses remain in place for years, so why would there be a need for constantly rising and falling tax on these properties. The Hegwood Group specializes in commercial property tax, and we know that these are valid concerns. Here are the reasons for fluctuations and how you can be ahead of the curve and make moves to save money. Why Does Commercial Property Tax Fluctuate? The main reason for commercial property tax fluctuation is how the different regions in the area approach assessments throughout market changes. Property taxes are able to fluctuate for several reasons that include: Real estate improvements Local municipality needs How often people actually protest their property taxes. What Can You Do to Protect Your Wallet? Tax fluctuations are very common, but when not protested, can become very expensive. As a commercial property owner, it is always a good idea to be prepared for fluctuations and knowing how you can potentially avoid high property tax bills. Plan Ahead With Improvements Increasing your property’s value is always a great step to take when trying to protect yourself from market fluctuation. If you are a business owner that rents out commercial property, your property will be much more... --- - Published: 2018-09-01 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/common-property-tax-assessment-mistakes/ - Categories: Property Tax Consulting A property tax bill is something that many homeowners wish they could challenge in order to avoid paying a large amount of cash to the county every year. Here are some examples of the top three assessment mistakes and what you can do if you think your property tax bill has fallen victim. While many people end up having to pay their full bill, there are certain situations where mistakes are made and a bill challenge can be successful. Knowing the possible errors that can be made and how to confirm them is important. YOUR ASSESSMENT DOESN’T MATCH THE SALES PRICE This mistake is quite common when it comes to recently purchased homes. Homeowners may discover discrepancies between what they purchased the home for and what the assessed value is of the property. By meeting with a property tax consultant and discussing the details of the home purchase, you may be eligible for a lower property tax payment. This comes into play if your transaction total is lower than the assessment you receive in the mail. Note that this option is void on all sales of homes that have been purchased out of foreclosure. INCORRECT LAND VALUE ASSESSMENT Sometimes the county may fail to reassess your land with current land comparables. This means that your land may actually be worth less than the property tax bill states due to value lost in your area. If you feel that your property taxes are suffering from this error, a real estate tax... --- - Published: 2018-08-28 - Modified: 2024-09-04 - URL: https://www.hegwoodgroup.com/real-estate-capital-gains-tax-101/ - Categories: Property Tax Consultants, Property Tax Consulting, Property Tax Texas, Real Estate Tax Dallas homeowners pay property tax every year and may have a good idea of how tax law works and the deductions they can take. However, one area that seems to be gray for people selling their primary residence is the real estate capital gains tax. Before you sell your home and being to make plans on how much you’ll be receiving or how heavily you may be taxed, it is important to understand the basics of how this specific real estate tax works. What is Capital Gains Tax? Before even looking at capital gains tax, it is detrimental that you understand what capital gains actually is. Capital gains is when you sell something that you own for more money than you initially purchased it for. This is typically seen when a Dallas county homeowner sells an asset like their home. Other forms of capital gain include: Sale of a business Sale of stock shares Sale of land Real estate capital gains is the amount that is incurred after the sale of the actual real estate (not stock shares). This capital gain kicks in when an owner goes on to sell their home and discovers that the value of the home is higher than when it was purchased. Long-Term Capital Gains Vs. Short-Term One learns how high their tax rate on their real estate is after it is determined which type of capital gains they will earn. Short-term capital gains rates are reserved for homeowners who are selling the property after... --- - Published: 2018-08-15 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/3-reasons-you-could-be-exempt-from-property-tax/ - Categories: Real Estate Tax Property tax exemption may seem like a fairy tale for most homeowners. However, there are some ways that you can qualify for a property tax exemption. Property owners in Texas must apply for their exemptions, so nothing is guaranteed. However, prior to filling out an application or meeting with a property tax consultant, it is a good idea to have an understanding of how you could avoid paying this bill each year. 1. You Live on a Homestead By definition a homestead is a person’s residence that serves as a home, has land and outbuildings on the property. Sprawling farms may immediately come to mind, but in the state of Texas a homestead is property that produces agriculture or involves small-scale production of clothing and textiles for use or sale. In Texas, we have homestead tax exemption for those who qualify. This means that if you reside on a homestead you could possibly be exempt from paying property taxes. Remember, a homestead is a primary residence, so rentals that may use the property in similar ways will not be eligible. 2. Age or Disability Your age and quality of life can also have an impact on your property taxes. If you are age 65 or older it is a good idea to seek out as many tax exemptions as possible. Property tax exemption really comes into play if you are a senior with a lower income flow coming into your bank account. Also, if you have a disability or are... --- - Published: 2018-07-30 - Modified: 2024-07-23 - URL: https://www.hegwoodgroup.com/4-questions-answered-about-sales-and-use-tax/ - Categories: Property Tax Consultants, Property Tax Consulting, Sales Tax Sales and use tax in Texas is one of the most common encounters in retail. When a person goes out and purchases an item, they are used to paying the tax on what they buy. This is known to the average individual as the sales tax and is very familiar to most shoppers. However, when combined with the use tax, things get a little more complicated and questions arise. Here are four questions about sales and use tax in Texas, as answered by the expert tax team at The Hegwood Group. 1. What is the Difference Between Sales and Use? The main difference between sales and use tax is that use tax is applied to a transaction that is subject to sales tax but does not have sales tax charged on it. In the state of Texas, there is a 6. 25 percent state sale and use tax on all: Taxable services, Retail sales, Leases, And rentals. 2. What Requirements Must Be Met for a Sales Tax Permit? Sales and use tax is something that must legally be earned when selling products to consumers. If you own a business in Texas and sell goods, then you will need to complete an application to sell or lease tangible personal property in the state. This also applies if your business provides taxable services to its clientele. Of course, in order to apply for this permit, there is some very important information you will need regarding the business. Some of the important information... --- - Published: 2018-07-10 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/approaching-the-process-of-prepaying-your-property-tax/ - Categories: Uncategorized Most Dallas homeowners dread that early February date when property tax payments are due. As the payment time approaches, stress begins to rise and the bill doesn’t leave until it’s paid. One way to reduce stress during this time of the year is to prepay your property tax. Yes, you’ll still be paying what is owed, but with some saving, savvy, and the help of your local tax consultant, avoiding the property tax blues can be a reality with annual prepayment. Check in With Your Property Tax Consultant Your local property tax consultant is the key to helping you understand how much your property tax usually is, and if you are in the position to begin thinking about prepaying for the next year. If you currently don’t have the cash for a property tax prepayment, then they can help you ensure you are prepared when the payment date arrives, then looking on to the next year. There are many things to keep in mind when approaching your tax consultant with this idea: How large is your property? Is it a business or personal property? Have you made any changes to your home? By having these questions in mind during your meeting with a tax advisor, you can begin to understand a clearer idea about your prepayment situation. Pay Attention to Tax Law and How it Impacts You Tax law got a makeover in the past year and this can really determine whether you should even take the approach of prepaying... --- - Published: 2018-06-29 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/5-tips-for-filing-a-property-tax-protest/ - Categories: Property Tax Consulting Every year property owners across Dallas receive a property tax bill. Also, every year, it always seems a little on the high-end of affordability. Fortunately, there are steps that you can take with a property tax consultant that can help you protest your property tax bill. While you may not always be able to lower the rate, following some of these tips will help you prepare for a process that can be quite satisfying. 1. Don’t Be Afraid to Get Started and Meet Deadlines When you get your annual property tax bill, don’t always assume that the amount owed on the statement is correct. The methods that your county assessor uses to calculate your annual property tax may not take into account specific factors in your home that could be saving you money. Never be afraid to speak up and begin the process of protesting your tax. Before filing your protest, you will need to check the property tax deadline. If you are unaware of your deadline to file for an appeal, make sure you get in touch with your county appraisal office for the correct information. 2. Look Up Your Record Card Every property assessed in your county is linked to an appraisal record card. On these cards, you can find basic information about your property that includes: Lot size, Amenities, And building size. Reviewing your record card is important because sometimes that data is simply not correct and could be the result of your high bill. Obtaining the... --- - Published: 2018-06-26 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/3-ways-the-new-tax-code-impacts-housing-costs/ - Categories: Real Estate Tax At the end of 2017, President Donald Trump signed the Tax Cuts and Jobs Act and created a flurry of emotions from several voices on the spectrum. Whether or not taxpayers are happy or nervous about this new tax code, one question remains uniform: How will this tax code affect me? While this tax code has many pieces that make it whole, at the Hegwood Group, our focus is property tax and real estate related costs. Here are some of the key points that should be taken away when considering the new tax code and the future of your current housing costs. 1. Expect Changes in Your State and Local Property Taxes During property tax season, one thing that many homeowners do is itemize deductions to help reduce the overall payment they have to make on their property tax bill. While these types of deductions were previously not limited, with the new tax code in place, there will now be a limit of up to $10,000. 00 for the total payment towards state and local property taxes. This new limit is expected to have an impact on taxpayers in that they will be less likely to itemize deductions due to the reduction of tax-related benefits of owning a home. 2. Examining the Mortgage Interest Deduction Yet another key change to occur after the implementation of the new tax code is one that concerns mortgage interest deduction. Mortgage interest deduction enables homeowners to deduct some of their mortgage costs on their... --- - Published: 2018-05-23 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/how-rental-rates-help-determine-a-propertys-value/ - Categories: Property Tax Texas Property value is something that can be determined by several factors. From curbside appeal to the rise of surrounding, booming neighborhoods, many things can lead to an increase in property value for commercial rental properties. Possibly the biggest factor in determining a rental property’s value is its rental rate and the income that comes to the landlord. It is important to understand how to calculate the Income Approach to Value when trying to predict your next year’s property value and bill. A Dallas property tax consultant will be able to help you navigate the tax process, but here are some of the basic ideas of this valuation method and how rental rates can impact your property taxes. Property Value and Your Rental Rates Determining how rental rate impacts your property’s value is actually quite simple. The higher your rent, the higher the property value. Property value directly impacts how much you pay every year on your property tax statement. So, it is always a plus if you can prove that income, after expenses is relatively low. This proves a lower value and makes your property tax bill more manageable. By working with a property tax consultant, you can bring them your expense records and past property taxes, so that they can help you prove a lower income on this commercial rental property. How to Determine the Income Approach to Value The Income Approach to Value is the method that most rental and business property tax consultants use to help appraise... --- - Published: 2018-05-22 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/4-ways-a-property-tax-consultant-can-help-reduce-your-bill/ - Categories: Property Tax Consultants, Uncategorized Property tax bills are expensive but are not always set at a final payment price. Find out how a Dallas property tax consultant can help you lower the amount of money you pay on your next property tax statement. 1. Help you Understand your Property Card Although you get a property tax statement once a year, this doesn’t mean the information is a secret in between bills. Homeowners are able to go to the county assessor and request a copy of their property tax card. Knowing the information on this car is important because a precise eye will be able to point out any discrepancies in the bill based on the property’s past. A property tax consultant can help you understand information on the card that pertains to: Lot size, Exact room dimensions, Specific information about fixtures in the home, Home improvements. By utilizing a tax professional you run a higher chance of reducing how much you pay because it is possible that a mistake in your statement may be made. 2. A Property Tax Consultant Help you Meet Dispute Deadlines Although it may seem like appealing your property tax statement is as easy as explaining your issues with the local assessor, this isn’t the case. Property tax disputes have specific deadlines and processes that homeowners have to meet. A property tax consultant will be able to help keep you on a schedule that helps you define: Mistakes in your property’s description, The market value of similar homes in your... --- - Published: 2018-04-26 - Modified: 2023-08-23 - URL: https://www.hegwoodgroup.com/saving-property-tax-money-on-commercial-properties/ - Categories: Property Tax Consultants, Property Tax Texas Property tax is something that all homeowners need to pay every year; it simply cannot be avoided. While these taxes tend to fluctuate from year-to-year, the bottom line is that property taxes can become expensive. Finding ways to save money by working with a property tax consultant has become the norm for many Dallas homeowners. Although homeowners face looming property taxes each year, it should be noted that someone has to pay the property taxes on commercial properties as well. Imagine how expensive that gets for those managers. Luckily, if you are a manager or owner of a commercial building or group of buildings, a property tax consultant can still help you save money on your commercial properties each year. Don’t Forget Property Tax Appeals Property tax appeals are a commercial property owner’s best defense against overpaying on property tax. Businesses specifically have a right to appeal their property taxes because this is an area where details can be missed and mistakes can be made, causing an overpayment. The appeals process can be complex but it can help with: Creating a lower overall property tax Reduce the current tax burden while an appeal is in progress Meeting with a commercial property tax specialist will help in the navigating of your property tax appeals and help you reap the benefits of paying on time. They will also be able to help you determine whether any initial mistakes have been made on your commercial property tax bill. Your Local Assessor is a... --- - Published: 2018-04-03 - Modified: 2024-12-09 - URL: https://www.hegwoodgroup.com/property-taxes-for-multi-family-vs-single-family/ - Categories: Property Tax Texas One of the most heated debates in the property tax world is the key differences between property taxes for multi-family and single-family properties during tax season. Is one better than the other? Is there even a difference? These are both important questions that should be addressed with your property tax consultant before tax season rolls around. At The Hegwood Group, we don’t believe in leaving our clients in the dark when it comes to their property taxes for multi-family homes. Prepare for the next property tax season by educating yourself about how you can save money through our. Find out the answers to the most common questions on this issue and take a look at some of the pros and cons for each property tax situation that you might find yourself in. What is a Multi-Family Residence? The definition of a multi-family residence is based on a property that has separate housing units for separate families. Some examples include apartment complexes and properties that have separate homes built on them with their own entrances. Yes, aside from the physical differences there are differences between the two when it comes to property taxes. What is a Single Family Residence? In a single-family residence, the homeowners are not taxed under the same structure as a multi-family property. According to The National Multi Housing Council, apartment complexes and similar properties routinely pay more in property taxes each year. Of all expenses for multi-family properties, property taxes account for the highest paid expense each... --- - Published: 2018-02-27 - Modified: 2024-09-04 - URL: https://www.hegwoodgroup.com/understanding-homestead-exemption/ - Categories: Property Tax Consultants, Property Tax Consulting, Property Tax Texas, Real Estate Tax There are several ways to gain exemptions on your property taxes. However, there is a specific exemption in the state of Texas that is especially close to our hearts: The Homestead exemption. What is The Texas Homestead Exemption? By definition, a homestead can be a separate structure, condominium, or manufactured home that is located on presently owned or leased land. This property is considered a homestead as long as the individual living in the home owns the property. When the word homestead comes up in conversation, the common mental image of what a homestead is a sprawling piece of land on a prairie where are log cabin resides among the country shrubbery. Now, this is something that could easily be a homestead in the state of Texas, but not all homesteads are the same. In fact, homesteads come in many shapes and sizes. Homesteads can be as large as 20 acres and counts as a homestead if the land is used for a purpose that is relative to the residential use of the homestead; i. e. a ranch with animals used for farming purposes. How are Homesteads Exempt from Property Taxes? There are several benefits for owning a homestead when it comes to how the property impacts your property taxes. When you own a homestead, there are several different types of exemptions that you may receive. School Taxes A residence that qualifies for the homestead exemption, will receive a reduction in the assessed value. However, each school district determines the... --- - Published: 2018-01-31 - Modified: 2022-06-17 - URL: https://www.hegwoodgroup.com/property-tax-impact-community/ - Categories: Property Tax Consultants, Property Tax Texas If you own residential or commercial real estate, then you already know that property taxes are a large annual expense. It’s an ever-increasing expense and is never something that a property owner looks forward to paying. Many people think that when they pay their property taxes, their money goes straight to some invisible government figure on the top of some large, bureaucratic system; but in reality, it's far from the truth. The fact of the matter is that your property taxes go straight into your local communities that rest outside your front door. Property Tax Affects Local School District Education is important, but keeping up educational buildings like schools and community colleges is not something that is free. The public-school system needs to be funded and that is where a significant amount of money from property taxes go. This financial support goes towards items such as building and playground upkeep, classroom materials, classrooms and teacher salaries. So, the next time that you feel overwhelmed with paying your property taxes, think about all of the good you are doing for the children of your community. Police Department and Other Agencies Another area supported by property tax dollars includes the salaries and benefits of public safety officers such as police and firefighters. These property tax dollars also pay the salaries of local public safety personnel that take your community’s 9-1-1 phone calls. Keeping your local safety departments stocked with all of the right equipment is very important. Your property taxes have a... --- ---