Though many individuals and residents consider the first few months of the year, and April in particular, as tax-crunch time, taxes are a relevant concern at all times. Keeping good documents to facilitate the filing of accurate returns and keeping up with tax news that could impact you are just two things you should do throughout the year.
Dallas residents who follow tax-related news may have heard that Dallas County expects to see an increase in tax revenue related to increasing property values. According to preliminary reports, property values in the area have experienced an average increase of 7 percent year over year. While increasing values are a good thing for investors, property owners and the market, it does mean some increase in property tax for many people.
This is the second year for increased property values in the county, according to reports. Last year, the increase was an average of 4.3 percent. This means for the second year in a row, individuals and businesses are going to receive a higher property tax bill.
According to reports, over two thirds of the increased value comes from existing property; the remaining growth is attributed to new construction. Property owners who don’t agree with the assessed value can file a challenge of the appraisal, possibly mitigating an increase in taxes. According to reports, 8,279 homeowners have filed protests so far. Both commercial and residential property owners can file protests over real estate valuations through June 2.
It may seem like a hassle to protest property tax, but for a commercial property owner, payments can add up to large yearly expenses. Keeping an eye on all details and challenging taxes where appropriate can help keep costs down and the business strong.
Source: The Dallas Morning News, “Dallas County property tax appraisals rise 7%” Matthew Watkins, May. 16, 2014