October brings the delivery of property tax bills for businesses across Texas. As the individual responsible for your company's financial well-being, it is critical to capitalize on any opportunities that can positively impact your business's bottom line. If you're asking yourself, "Why is my property tax bill so high, and can I do anything about it?" this article is for you.
The harsh reality is that most businesses overpay their property taxes because of inaccurate assessments, tax rate changes, and missed exemptions. Don't pay more than your fair share of taxes by following these five steps.
1. Review your bill carefully; don't just glance at it and assume it's correct.
Take the time to ensure all the details are accurate. Check the property description and assessed value, ask yourself, "Did I apply for any exemptions? Were they granted?" and, of course, make sure the calculated tax amount is correct.
2. Identify critical due dates and understand payment plans.
Property taxes are to be paid by January 31st. Taxes are delinquent on February 1st. Late payments often incur penalties and interest quickly. The due date should be marked on the bill. Our cheat sheet here has a breakdown of the available payment plans for businesses looking to pay in installments.
3. Find an error or miss an exemption? Take action quickly and appeal.
If you believe there's an error in your bill, your property's assessed value is too high, or you overlooked an exemption, act promptly, as these items are time-sensitive.
4. Ensure you make your payment on time
Avoid late fees and penalties by paying your property taxes punctually and maintaining a record of payment for your records.
5. Plan for the future and avoid overpaying.
If you didn’t receive any exemptions this year, investigate what opportunities might be available next year. It could be beneficial to consult a property tax expert for guidance.
Conclusion
For those with complex property tax bills or uncertainties, don’t hesitate to seek advice from a property tax specialist. They can clarify and help identify strategies to reduce future tax bills.
At J. Joseph, our Property Tax Experts have been helping our clients save millions on property taxes annually. Our experts leave no stone unturned to reduce your business’s property taxes. They can identify if your business qualifies for property tax incentives and provide insights on minimizing your tax bill. Schedule a free consultation with a JJC Property Tax Expert today to get started on the path to tax savings.
Download Now! Trendulation™ Case Study 01: Pipes, Valves, and Fittings
Our proprietary TrendulationTM business process enables us to uncover all available opportunities to reduce your business’s property tax liabilities. The following case study is an overview of how we have helped a Pipe, Valves, and Fitting client reduce their property tax liabilities by $32 Million over the last 16 years.
