MARKET VALUE LOW INCOME HOUSING CAP RATE
The Texas Property Tax Code requires all property to be appraised at one hundred percent (100%)market value. Also in the Code the Chief Appraiser is required to use the income method to appraise property qualified as low income housing under Section 11.18253 Specifically the appraiser must consider the restriction on who may rent the property and the amount of rent to be charged. As of January 31 of each year the District must file public notice of the Cap Rate of the Shackelford County Appraisal District is between 8.0% and 10.0%
OVER 65 & DISABLED PAYMENT INSTALLMENTS
Over-65 & disabled taxpayers who wish to use the Installment Payment must apply by filling out and signing a Installment Payment can only be used on the residence homestead property. Click to view New Legislation on Installment Payment Agreements effective Sept 1, 2013.
NEW HOMESTEAD LAWS
September 1, 2011:
In order to receive a homestead exemption for property tax purposes, applicants must now provide a copy of their Texas driver’s license or Texas state-issued identification card with their application for a homestead exemption. Moreover, the addresses shown on each of the documents must be the same as the address for which the homestead exemption is sought. The Legislature has closed loopholes in disclosure that allowed some citizens to obtain homestead exemptions on more than one property. The Legislature has also authorized central appraisal districts to gain access to the database of the Texas Department of Public of Public Safety so that differences in addresses reported for driver’s license and property tax reasons can be audited electronically.
The new requirement that took effect on September 1, 2011 is required for any one of the several ways property owners can qualify for a residential property homestead. These include the following, General residential exemption, Over-65 exemption, Disability exemption, 100% disabled veterans exemption, Extension of exemption for a surviving spouse, Exemption for manufactured (mobile) home. Each of the programs cited above have additional requirements for qualification.
For that seeking homestead exemption status on a manufactured home, the applicant must also provide documentation as noted below Statement of ownership and location issued by the Texas Department of Housing and Community Affairs. A copy of the purchase contract or payment receipt that the applicant is the purchaser of the manufactured home, OR, a sworn affidavit that: a) The applicant is the owner of the manufactured home b) The seller of the manufactured home did not provide the applicant with a purchase contract, and c) The applicant could not locate the seller after making a good faith effort.
More property tax exemption information can be found on the Texas Comptroller website here: https://comptroller.texas.gov/taxes/property-tax/exemptions/index.php
RENDITION & OTHER REPORTS HB 533
Required the chief appraiser to send a written notice by first-class mail informing a property owner when a penalty is imposed for failure to file a rendiiton timely; the notice may be delivered
with the notice of appraised value. The bill requires that a person send a written request to waive a penalty imposed for failure to file a timely rendition or property report before June 1 or not later that the 30th day after the date of receipt of the penalty notification, whichever is later. The bill adds subsection (a-1) and amends subsection (b) to:
- require the chief appraiser to send a written notification of denial of the waiver;
- allow the property owner to protest the penalty to the ARB by filing a written notification within a specified time line; and
- require the ARB, rather that the chief appraiser, determine the protest after considering several specified factors.