5 misconceptions about property tax you need to know

If own a home or a commercial property, it is crucial that you understand everything with regards to property taxes in your county or state. When it comes to misconceptions about property tax, it is fairly common. Given the long list of laws and terminologies to understand, it is imperative that you seek help from the professional Austin tax protest companies.

Here are some of the common misconceptions related to property tax that needs to be debunked.

1- Property Taxes are always set in accordance to the property value:

This is the first misconception any property tax protestor has in mind. The tax payable for your property isn’t actually based on property value; they are actually based on its market value minus the existing exemption provided by the government. This particular number is eventually multiplied with the current tax rate to acquire a definite number for property tax amount. The best way to assess your property tax value is by seeking help from expert personnel at Austin tax protest companies.

2- You can get relief from paying property tax by protesting:

Sure, you can disagree with the rate of property tax that you need to pay. However, this disagreement doesn’t actually absolve you from paying the tax to your local tax unit. Essentially, a dispute over the property tax actually changes the current value of your property tax instead of cutting it off entirely. Further, disputing the overall value of the property tax requires you to submit the paperwork followed by a hearing procedure.

3- Filing the protest means no need to pay the taxes:

Filing a protest with any Austin tax protest companies doesn’t actually mean that you don’t need to pay the taxes. Even if there is a case pending with the taxing unit, this doesn’t actually mean that you can skip paying taxes. Until a new amount for tax payment is decided, you have to keep paying the existing tax amount.

4- Property valuation can be changed anytime you want:

If you want to opt for property tax protest with Austin tax protest companies, you should do the same in time. On 25th July, the values of properties are certified to local taxing units. This actually reduced options held by any property owner for value change. This means, there are certain deadlines that you need to adhere to when it comes to property tax protests filing. Generally, this deadline is somewhere before the 31st of May every year or around 30 days from receiving the appraisal notice for property value.

5- You can acquire legal advice from the appraisal district:

If you want to understand the legal rights you have with the laws related to property tax, appeals, as well as similar available remedies, you need to seek for the attorneys working with Austin tax protest companies. Your local appraisal district might not provide you the right information at the right time and thus delaying the overall procedure for property appraisal.

Bottom Line

All-in-all, property tax is something that is sure to change with time. Given the increase in demand for real-estate properties, the tax appraisal sector can see a swift change in the tax pricing. The best thing to do is keep an eye on the changing trends and make sure you seek help from the best professional companies. One thing to note before you look for help in property tax protest is to go for companies that have a successful portfolio to showcase. Going for a novice company with no experts can lead to wrong information entering the chain and thus leading to misconceptions as debunked above.