Why is My Property Tax Bill Higher this Year?
Were you caught off-guard by a higher Texas property tax bill this year? Whether you pay your property taxes directly or you have an escrow account set up with your mortgage, property tax increases can be an expensive surprise. But what makes your property taxes increase? Here are a few of the most common reasons.
Renovations
Making significant upgrades to your home, especially those that increase the amount of livable square footage, can mean an increase in your Texas property taxes.
Reevaluation
Even if your home has been in the same condition for a while, taxing authorities may still occasionally reevaluate tax amounts to spread the burden out more evenly within their district.
Market Conditions
A hot real estate market means your home could be worth more if you decide to sell it, but it also means your taxing jurisdiction will increase the estimated value they are basing your taxes on.
Increase in Tax Rate
Obviously, an increase in tax rate will increase the amount you have to pay in property taxes. Depending on your specific location, the total tax rate could be the sum of the rates of all applicable taxing units including cities, counties, schools, and special districts. Any major community investment could prompt the taxing entity to increase its rate.
Has a higher tax bill caused you to get behind?
At Johnson & Starr, we offer loans that save homes. Our property tax loans are customized to fit your unique situation and can be flexible to adapt to nearly any loan requirement. Find out how we can help save your home by contacting us today.