Luxe Austin Homes - property taxes

"Half of Texas homeowners don't know they can protest taxes, study says"

CultureMap Austin shares, "some people might be surprised to find out that their taxes are negotiable — at least when it comes to real estate. Specifically, 53 percent of Texas homeowners don't know they can protest their home's property tax evaluation, according to a study by Ownwell, a service that makes homeowners' cases for them.

Put simply, since homeowners are taxed on the assessed market value of their home, an over-appraisal by the local tax office can lead to paying too much in taxes. Homeowners in this situation can lower what they owe by telling tax appraisers what they believe the real value of the home is, and the two entities will negotiate to find an acceptable number. Appraisals reflect the value of the home on January 1 of that tax…

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"Where’s My Refund? Here’s When Homeowners Can Expect Their Money Back From Property Taxes"

Realtor.com shares, "A few years ago, my husband and I bought a townhome. The place is perfect for us, in a great area with nice neighbors, but it’s modestly sized and, admittedly, a little dated. It’s certainly not a luxury property—though seemingly well within the means of two 30-something professionals.

But with HOA dues, unexpected home repairs, car fixes, as well as the cost of two kids (and another on the way), I’m dedicated to clipping coupons and find myself biting my nails whenever I get an unexpected bill.

It’s no wonder I’m always stressed during tax season.

“How much do we owe this time?” I ask my husband every year, usually rubbing my temples as I try to fight off a money-induced migraine.

But recently, I realized that our…

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"Housing affordability got worse in Q2 — and homeownership costs hit a new high"

Austin Business Journal reports, "Homes across America remained unaffordable for many prospective buyers in the second quarter, with single-family home and condo prices less affordable during that three-month period compared to historical averages in 99% of the nation's counties.

That's according to a recent analysis by Attom Data Solutions LLC, which looked at housing data from U.S. counties with a population of at least 100,000 and that had at least 50 single-family home and condo sales in the second quarter.

The analysis also found that expenses for existing homeowners on median-priced homes are on the rise. Those costs consumed 35.1% of the average national wage in the second quarter, a high point since 2007 and meaningfully higher than the…

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What could $350M affordable housing bond mean for Austin's economy?

With the fate of a $350 million affordable housing bond now in the hands of Austin's voters, the referendum carries the potential to inject a substantial sum of money into the hands of developers and contractors — while also addressing a mounting housing crisis.

But the idea has its opponents.

The $350 million bond, the largest of its type proposed in city history, if approved would increase property taxes by more than $45 a year for a "typical" Austin home, valued at $448,000 with a taxable value of $358,400, assuming there's a homestead exemption.

Such a gain could cause pain during this time of drastically rising prices. Yet proponents argue that is why now is the time to invest in much-needed housing for essential workers.

…

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New Homestead Exemption Rule

There is a new update to the Homestead Exemption Law. 

Starting January 1, 2022, homebuyers will be allowed to file for exemption in the year they purchased the property - previously homebuyers had to wait until the following calendar year to file. 

This is great news for homebuyers who can now have the opportunity to lower their property taxes! 

How does this affect prorations? 

Previously, prorations of taxes between the Buyer & Seller, and reserves needed for the Buyer's new escrow accounts, were estimated using the homestead exemption because it was in place until the end of the year. Now, a Seller can buy a new property and move their exemption to that new property immediately. 

Source: Patten Title Company 

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