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3.5%
#13555076
05/12/20 07:49 PM
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Joined: Mar 2010
Posts: 4,669
B-rader
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Mar 2010
Posts: 4,669 |
I thought property taxes couldnt be raised more than that moving forward without an election? My property taxes came in today and thats way off. Did I miss something?
A-RIGS , MAKING BAD FISHERMAN LOOK GOOD SINCE 2010
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Re: 3.5%
[Re: B-rader]
#13555077
05/12/20 07:49 PM
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Joined: Sep 2005
Posts: 27,592
Uncle Zeek
aka "Dad"
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aka "Dad"
Joined: Sep 2005
Posts: 27,592 |
Your homestead appraisal can be raised by up to 10% in a single year.
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein Artim Law Firm, PLLC Estate planning & tax attorney 2250 Morriss Road, Suite 205, Flower Mound, Texas 75028 972-746-0758 mobile zac@artimlegal.com
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Re: 3.5%
[Re: B-rader]
#13555086
05/12/20 07:55 PM
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Joined: Mar 2010
Posts: 4,669
B-rader
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Mar 2010
Posts: 4,669 |
How about land, other homes? So what the heck was everyone excited about the 3.5% deal for?
A-RIGS , MAKING BAD FISHERMAN LOOK GOOD SINCE 2010
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Re: 3.5%
[Re: B-rader]
#13555101
05/12/20 08:03 PM
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Joined: Feb 2008
Posts: 3,170
Leonardo1
TFF Team Angler
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TFF Team Angler
Joined: Feb 2008
Posts: 3,170 |
That might deal directly with the tax rate and not the valuation of your house. Although the same result I think its their way to manipulate it.
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Re: 3.5%
[Re: B-rader]
#13555104
05/12/20 08:05 PM
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Joined: Jan 2005
Posts: 4,663
TexasZman
TFF Team Angler
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TFF Team Angler
Joined: Jan 2005
Posts: 4,663 |
Maximum appraisal increase has been 10% for as long as we've been here. And, wouldn't you know it, almost every year my appraisal goes up by 10%!!
Be Inspired, Inspire those around you.
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Re: 3.5%
[Re: B-rader]
#13555108
05/12/20 08:06 PM
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Joined: Sep 2008
Posts: 121,177
hopalong
Pescador Loco
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Pescador Loco
Joined: Sep 2008
Posts: 121,177 |
I clicked thinking this was about mudsharks odds of finding his pocketknife.
carry on.
" Hop, set the hook"! hopalong 99,999 TexDawg 99,999 FJB! not my president by a long shot!
lake fork FISHERMANS COVE MARINA/reservations - 903 474 7479
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Re: 3.5%
[Re: B-rader]
#13555117
05/12/20 08:11 PM
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Joined: Jan 2006
Posts: 14,154
BassFever
TFF Guru
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TFF Guru
Joined: Jan 2006
Posts: 14,154 |
I never understood this. people want their properties to go up in value. But don't want to pay for it.
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Re: 3.5%
[Re: B-rader]
#13555121
05/12/20 08:15 PM
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Joined: Mar 2010
Posts: 4,669
B-rader
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Mar 2010
Posts: 4,669 |
I don't, il die here . So I'm not those "people".
A-RIGS , MAKING BAD FISHERMAN LOOK GOOD SINCE 2010
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Re: 3.5%
[Re: BassFever]
#13555161
05/12/20 08:49 PM
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Joined: Aug 2003
Posts: 30,324
RedRanger
burro desagradable
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burro desagradable
Joined: Aug 2003
Posts: 30,324 |
I never understood this. people want their properties to go up in value. But don't want to pay for it. Who is these people? No one I know, only way a person benefits from houses going up in is they move to another state or country or far away from where they live now. Which is not many And who want to pay more property tax per year? No one that I know of
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Re: 3.5%
[Re: Uncle Zeek]
#13555243
05/12/20 09:34 PM
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Joined: Nov 2009
Posts: 39,449
Dan90210 ☮
Jr Deputy Dan
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Jr Deputy Dan
Joined: Nov 2009
Posts: 39,449 |
Your homestead appraisal can be raised by up to 10% in a single year. That's my understanding. For 6 years in a row, 2012 thru 2018 my assessed value went up by the max 10% every year. Lots a folks were complaining about taxes "being raised". however they were ignorant to the fact that the tax rate had not changed only the value of their property. 3.5% sounds more like an effective tax rate not assessment value? Unless the economy goes completely into the toilet, which it seems to be doing now, but you won't see that until next year on your apprisal, expect your mortgage payment to go up annually. Even with no increase in tax rates, the appraised value should theoretically go up, as such so will your insurance rates as the collateral holding the note (your house) has also appreciated. Raises the replacement cost of the secured. property. When I bought my home in 2010 my payment was roughly $1100. With no changes it's now 22ish percent higher. AND that's after I got the PMI removed. So it's closer to a 28% increase in 10 years.
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Re: 3.5%
[Re: B-rader]
#13555246
05/12/20 09:36 PM
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Joined: Nov 2009
Posts: 39,449
Dan90210 ☮
Jr Deputy Dan
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Jr Deputy Dan
Joined: Nov 2009
Posts: 39,449 |
And yes, I disputed the assessment every year and only two out of 10 years got a reduction.
Got a few hundred dollars off of the appraised value. A savings of less than 10$ a year.
The other times I was told based on comps 10% was not significant enough of an increase actually... But that's what the legal cap is.
I think this is going to swing the other way and then next few years.
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Re: 3.5%
[Re: B-rader]
#13555281
05/12/20 10:10 PM
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Joined: Feb 2006
Posts: 5,096
BillS2006
TFF Celebrity
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TFF Celebrity
Joined: Feb 2006
Posts: 5,096 |
The 10% is the max the taxes can be raised and not face a rollback election. Anything higher than 10% and the taxing entity can be petitioned and a vote of the people must be held.
Transgenders: God made them, the devil changed their minds.
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Re: 3.5%
[Re: B-rader]
#13555289
05/12/20 10:18 PM
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Joined: Jan 2003
Posts: 83,282
Pilothawk
Pumpkin Head
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Pumpkin Head
Joined: Jan 2003
Posts: 83,282 |
No reason to whine about 3.5%.
In light of the way democrats and republicans are spending today....the pain will be substantial.....especially so for those who earn a good income.
KANSAS JAYHAWK BASKETBALL - Where tradition comes from 2008 NATIONAL BASKETBALL CHAMPIONS-ORANGE BOWL CHAMPIONS 2008 52 Conf Champs /5 Nat'l Champs
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Re: 3.5%
[Re: B-rader]
#13555339
05/12/20 10:55 PM
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Joined: Mar 2010
Posts: 4,669
B-rader
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Mar 2010
Posts: 4,669 |
Not whining retired, frozen property tax rates pilot. I was just wondering .
A-RIGS , MAKING BAD FISHERMAN LOOK GOOD SINCE 2010
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Re: 3.5%
[Re: B-rader]
#13555510
05/13/20 01:21 AM
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Joined: Feb 2006
Posts: 288
ksjmf
Angler
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Angler
Joined: Feb 2006
Posts: 288 |
For cities and counties the max their levy can increase is 3.5% (not including new value). So in theory if appraisal district value goes up then the tax rate must be adopted at a rate that only increases their levy 3.5%. This would mean that the estimates on your appraisal notices which use last year’s tax rate would be too high. In the past the cities and counties would leave the rate alone, appraisal values would go up and the council members and county commissioners would shrug their shoulders and say “we didn’t raise taxes, we left the rate alone”. Either they weren’t smart enough or just dishonest, because everyone should now that if a government agency collects mor tax dollars then they raised taxes. Senate bill 2 which put in place the 3.5% max increase without an election should change that.
That being said, senate bill 2 also includes a provision that allows any jurisdiction in Texas that has a disaster declaration in place to go up 8% instead of 3.5%. So who knows what may happen at this point. Jurisdictions hold the tax rate elections in September and October, let them know what you think.
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