The Texas Property Tax Code for many years had required owners of business personal property (BPP) to annually render those assets used in a business. Rendering is summarizing to the central appraisal district the ownership and value of the assets. Historically, however, over half of all owners of business personal property have not rendered.
The Texas [...]
A casualty loss may occur as a result of a flood, hurricane, tornado, mudslide or other natural disaster. The intuitive thought pattern is: “My apartment complex worth $5,000,000 suffered major damage totaling $1,500,000 for repairs and rent loss. Fortunately, I was completely covered for both physical damage and rent loss, other than a small deductible. [...]
Tax reduction and tax deferral are the primary benefits of obtaining a cost segregation study. Tax reduction occurs since more income is taxed at the capital gains rate instead of the ordinary income rate. Tax deferral occurs since depreciation is accurately taken in the early years of ownership.
Additional benefits other than tax reduction related to [...]
Property taxes are a substantial expense for Texas homeowners, averaging about $3,600 annually. To reduce this expense, property owners should annually review and consider appealing property taxes. While there is no guarantee that an appeal will be successful, a recent survey conducted by O’Connor & Associates indicates that 70% of property tax appeals are successful.
Since [...]
An abandonment study can legitimately generate a windfall of depreciation for the owner of investment or owner-occupied real estate. By increasing depreciation, substantial tax reduction can be effected. An abandonment study is appropriate when it is necessary to demolish or substantially renovate tenant improvements within a building. When existing tenant improvements are demolished, the undepreciated [...]
For many homeowners, the property tax appeal process can seem too difficult and therefore only about 8% appeal even though 70% of those who do appeal are successful. Most homeowners also do not realize that their appeal can be resolved at the informal hearing.
Here are some tips on attending an informal hearing for property tax [...]
Cost segregation evolved as the result of multiple court cases and IRS rulings. The body of knowledge is summarized in the Audit Techniques Guide (ATG), published by the IRS.
Component depreciation was a prior methodology that produced similar results via separating a building into components. These components often included the roof, plumbing, electrical and elevators. There [...]
Most people see new home construction in their neighborhood as a good thing. New homes typically help increase the market value of properties, so when someone in an older home goes to sell, they often can ask a higher price than areas without new construction. But too often the county takes that a step too [...]
Income Tax is the annual contribution of every earning member of the society who earns above a certain limit to the Government treasury. Income Tax is the payment to the Government for providing all the services which made it possible to earn the particular income in the first place.
Income Tax Return is the legal obligation [...]
How To Request Binding Arbitration
Thousands of Texas homeowners will go through the property tax appeal process this year because the appraisal district incorrectly assessed their home’s value. Sometimes getting a satisfactory reduction takes some time, but it is important to utilize the options available until you are offered a fair reduction.
Effective September 1, 2005, the [...]
