Property tax season is now upon us. Are you ready to pay that big bill? More importantly, do you have the funds saved up to do it? Depending on the value of your property, you could owe tens of thousands of dollars in property taxes this year – and if you’re late? Penalties and interest will make that bill even heftier.
Here’s a quick and dirty property tax timeline to keep you on track – and prevent that from happening:
- April 1 – Notices of Appraised Value will come out, letting you know what the appraised value of your properties is. If it seems off or has increased significantly in recent years, don’t fret. You can protest it and potentially get your tax burden lowered.
- May 15 – This is the deadline to file a property tax protest. If your notice of appraised value came late, you have until 30 days after you received it to file.
- Oct. 1 – Property tax statements are mailed out to all property owners. This statement will tell you your property’s assessed value, as well as how much you owe in taxes on it.
- Jan. 31 – Property tax payments are due to your local appraisal district.
- Feb. 1 – Property tax payments are officially late. Your overdue balance will increase by 7 percent every month until it’s been paid in full. Failing to pay your property taxes could also put you in danger of foreclosure.
At Five Stone Tax Advisers, we build a strong case to protest your property tax, and we’ll let you know once a verdict has been decided. If we don’t win your protest, you don’t pay. Plain and simple.
Need help protesting your appraised value this property tax season? Contact Five Stone Tax Advisers today.