For years running, Texans have been protesting their
property taxes. This year (2021), Texas homeowners had until May to object to
their county assessors’ valuations of their homes. When they win their cases,
their homes’ market prices don’t change. But their tax bills do.
County procedures enable Texas homeowners to contest their
property tax assessments. Some Texans now regard the process as a necessary savings
strategy in a challenging economy.
Continue reading “Do-It-Yourself Stimulus? The Rise of the Property Tax Protests”
The new deadline for filing last year’s taxes is Wednesday,
July 15, 2020. Time to review the current tax implications of owning a home.
First, we need to itemize homeowner deductions if we decide to
claim them on our federal returns. There are a number of deductions available,
but if you’re like most homeowners, you won’t itemize and claim them. This is
because the IRS standard deduction is quite high since the Tax Cuts and Jobs
Act of 2017. The standard deduction that applies to the 2019 tax year is
$24,400 for married partners filing jointly, $12,200 for single and married people
filing separately, and $18,350 for single heads of households.
Most people prepare an itemized worksheet at least for their
own knowledge — if only to compare the standard deduction against the itemized
total before deciding how to file, or to show their accountants the
expenditures. So, here are some major deductions of note at the current time.
Continue reading “Real Estate Taxes: Tips and Updates”