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Sales Prices Are Up: Median Sales Price Up: Dallas area median sales price up from 2012 to end of 2013 rose 9.7%. This comparison is below the national average climbing to 13.6%. Our increase of 10% in a sales price was the largest growth we have ever experienced since we started keeping records.
The Latest Numbers: Dallas home prices are up 10.2 percent in the latest Standard & Poor’s/Case-Shiller Home Price Index.
Overall Summary is Good.
The largest gains in a median sales price were in Las Vegas and San Francisco at 27% and 24% respectively. Typically these markets are volatile and will show big swings in value.
Click Here to Learn More: www.CarlsonPropertyTax.com or to sign up online for representation services at the Appraisal District.
Visit my website www.CarlsonPropertyTax.com to learn more about real estate taxes and how we can help you.
Prospective tenants may have a difficult time finding a new apartment this year. With new project completions and a strong Texas economy, increased demand for apartment leasing rose 40% from 2012 to 2013. The DFW market experienced its highest fourth quarter of total units leased in the past 14 years and our market has continued to outperform expectations.
Upsurge in Demand: There has also been an upsurge in demand for newer luxury type apartments (with 25,000 new apartments were under construction at the end of 2013.)
A Few Resources That May Help With Your Search:
Exemptions You May Qualify For
You may be missing out on certain exemptions the State of Texas allows on your homestead. To qualify, check with your local county appraisal district (most have websites) for the forms you will need to fill out. Dallas County residents, for example would go to the Dallas County Appraisal District’s website, www.DCAD.org to check eligibility. Tax exempt status may provide a potential taxpayer complete relief from taxes or at a reduced tax rate, depending on your exemption status. It’s something every property owner should check into and it is completely within your rights.
Property Tax Code Exemptions
Texas offers residents property value protection known as a homestead exemption. Tax exempt status may provide a potential taxpayer complete relief from tax, at a reduced tax rate, or tax on only a portion of the items subject to tax. A homestead exemption legally protects your home’s value from certain real estate taxes. Texas has certain enrollment requirements that are listed directly on the State of Texas Comptroller website in you would like to see the exemptions chart it is available at: (http://www.window.state.tx.us/taxinfo/proptax/proptax_exemptions.html)
Homestead Exemption – homestead exemptions (sometimes called deductions) are a type of property tax relief. Homestead exemptions are typically allowed for homeowners who use their home as their primary residence. These exemptions reduce the assessed value of the home on which property tax bills are based. Homestead exemptions are typically equal to a percentage of assessed value and are limited to a set dollar amount. For example, a homestead exemption might be equal to 10% of assessed value or $45,000 whichever is less.
Residence Homestead Exemption
To qualify for a homestead exemption on your home residence, you must own and reside in your home on January 1 (of the tax year the application is made and cannot claim a homestead exemption on any other property.) If you temporarily move away from your home, you still can qualify for this exemption, if you do not establish another principal residence and you intend to return within two years, or if you are a resident of a health facility, or in the military. If the person who qualifies for an exemption is not the sole owner of the property to which the exemption applies, an application for a residence homestead exemption must be completed by each owner of the residence. Exemptions are allocated according to percent of ownership interest the applicant has in the property.
65 or Older Exemption
If you qualify for the 65 or Older Exemption, there is a property tax “ceiling” that automatically limits school taxes to the amount you paid in the year that you qualified for the homestead and the 65 or Older exemption. Tax ceiling amounts can increase if you add improvements to your home (i.e., adding a garage, room or pool). In addition, 65 or Older homeowners who purchase or move into a different home in Texas may also transfer the percentage of school taxes paid, based on the former home’s school tax ceiling. This is commonly referred to as a Ceiling Transfer. To transfer your tax ceiling however, you must move to another home within the same taxing unit and you must request a certificate from the Appraisal District for the former home (and take it to the Appraisal District for the new home, if it is in a different district.)
Disability Homestead Exemption
Persons with disabilities may qualify for this exemption if they 1) qualify for disability benefits under the federal Old Age, Survivors and Disability Insurance Program administered by the Social Security Administration or 2) have a physician’s statement indicating the date the disability began and that you are unable to engage in any substantial gainful work for a period which has lasted or can be expected to last for a continuous period of not less than 12 months or that can be expected to result in death.
Tax Deferral for Age 65 or Older or Disabled Homeowner
If you are a homeowner who qualifies for the Age 65 or Older or the Disability exemption, you may also defer or postpone paying any property taxes on your home for as long as you own and live in it. It is important to note that this deferral only postpones your taxes and does not cancel them. It also accrues eight (8) percent interest annually until the deferral is removed. When the property is sold or the ownership is transferred to the estate/heirs, the taxes and accrued interest become payable.
Surviving Spouse of a Person who received the Disability Exemption
There may be additional benefits for the Age 55 or Older Surviving Spouse of a person who was receiving the Disability exemption before their death.
Residence Homestead Exemption for Disabled Veteran with 100% Disability
You qualify for this exemption if you are a disabled veteran who receives benefits from the United States Department of Veterans Affairs or its successor 100 percent disability compensation due to a service-connected disability and a rating of 100 percent disability or of individual unemployability. Beginning 2009, this entitles you to an exemption of the total appraised value of your residence homestead.An exemption application must be completed and accompanied with a copy of your V.A. award letter or other document from the United States Department of Veterans Affairs showing 100 percent disability compensation due to a service-connected disability and a rating of 100 percent disabled or individual unemployability. A surviving spouse does qualify for the 100% Disabled Veteran Homestead Exemption, but surviving child does not qualify.
Benefits of Exemptions
All school districts in Texas grant a reduction of $15,000 from your market value for a General Residence Homestead exemption. Some taxing units also offer additional optional reductions for the homestead exemption. In addition, each school district will grant a minimum reduction of $10,000 from the market value for the 65 or older exemption. For optional exemptions, the governing body of each taxing entity decides whether it will offer the exemption and at what percentage or amount.
Don’t Give Up The Fight Yet to Lower Your Property Taxes
If you’re like most homeowners you probably don’t look forward to receiving your property tax notice in the mail. When the dreaded notice arrives in one’s mailbox it has a way of giving a person that gut punching feeling in the pit of their stomach. Well, it might sound a bit dramatic, but it’s likely that you won’t be jumping for joy at the occasion. You know what they say about death and taxes, right? They are inevitable, but as we know, there are plenty of options available to make the process easier and improve your odds (or at least lessen the burden). Yes, it’s still true you have to pay your property taxes, but there are things you can do to now (especially prior to May 31st) to change the course of your outcome.
Most people have been paying attention to recent news reports about the economy and how the housing industry is experiencing a turnaround. It comes as good news since the market has been in a slump for so long. By all indications and industry expert opinion so far, the upward trend is likely to continue. How does this affect you if you own your home? This means your property value can or will likely go up. If your property value goes up it affects your property tax amount as well, (which means the taxes you must pay on your homestead). On one hand, its great to know the market is improving and that your property is appreciating, but it is not much of a relief coming to realization that your property taxes will be affected and you could start owing more. There are actions you can take though.
What Can You Do About It At This Point?
Most people think there is nothing they can really do about an increase in their property taxes and that it’s just too much trouble to bother with, or they believe it’s too expensive to hire someone to help, so they give in and just pay their tax bill year after year (with a few expletives).
But what most people don’t know is, that (even though you are required to pay your property taxes, (on time and before the delinquency date), you can still do something about it now. What they don’t tell you (because maybe there would be a mad rush down at the counties, who knows?) Is that you can still file a protest with the appraisal district if you do it before May 31st of the same year. Still, many taxpayers don’t take this opportunity. Another option they may not realize is that they can just hire a representative like property tax consultant, to make the whole process a lot easier. If you hire a property tax consultant, usually all of this can be handled online or over the phone. It takes maybe 10 or 15 minutes usually. You fill out AOA (Appointment of Agent) form, sign an agreement allowing the consultant to handle your property protest, fill out an online questionnaire about your property, submit payment and you’re done. You will get notified of the outcome in writing by mail. It worth your time to check it out.
Who Can File A Property Tax Protest?
You can file a Prost as a taxpayer if you meet any of these criteria:
What Are Grounds for Protesting Your Property Taxes?
Property owners have right to protest their property taxes for any of the following reasons:
*Source: Texas Comptroller of Public Accounts, Publication #96-308
What Are My Property Taxpayer Bill of Rights?
Dozens of Projects Developing in Downtown Dallas
Dallas real estate developers are hard at work with at least two dozen projects underway in downtown Dallas. Of course , the developers are ‘diggin’ the new development opportunities, which include expansion of the Joule Hotel and several apartments plus newly remodeled office space in some of the area’s cool skyscrapers.
Along with downtown renovation and expansion, the Dallas Farmer’s Market (a local favorite for fresh produce and plants), will get additional living space for city dwellers – with an addition of townhomes and apartments in Farmer’s Market Square. This is exciting news for those who like the convenience of living and working in downtown. One thing that has been missing in Dallas is ability to get around by foot more easily – so hopefully developers will create living space which accommodates access to retail and dining for city dwellers who work and live in downtown. Some of the expansions and updates in the area include Plaza of the Americas, Reunion Tower, Bank of America Plaza, Tower Petroleum Building and One Dallas Center, just to name a few.
In addition to down town, the recent housing surge in North Texas has developers busy with Texas cities bouncing back like Austin, Corpus Christ, Dallas-Fort Worth, El Paso, Houston, and San Antonio. First quarter median home prices were higher than in the same period last year in 133 out of 150 U.S. markets. Austin had the biggest gain with an increase of 8.7 percent.
In May, Dallas’s best neighborhoods were recently posted in the Dallas Morning News in a 13 part series that ranks areas based on 12 key livability factors.
Neighborhood Ranking Factors
The factors that played a part in the consideration of ranking include
Top 10 Neighborhoods that made the list