Property Tax 100

Property Tax 100
Taught by Tom Zen, Property Tax.IO
Sponsored by Republic Title

 27 April 2026 @ 10 a.m.
KW North Country
1212 S. Preston Rd, Training Room (2nd floor)
Celina TX 75009
972-382-8882 (for more information)

Learn about property taxes and how to protest from the pros at Property Taz.IO.

The 1-hour course welcomes and provides Free CE for any licensed agents and brokers from any brokerage. All others welcome for no CE credit. No strings attached. Scan the QR code to see the entire schedule or go to this link.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212 (call or text)
DFWmark@kw.com
DFWmark.com

#DFWmark #FreeCE #TaxProtest #RealEstate #PropertyTax

Texas Land Considerations

Texas has a lot of land to sell and conditions to consider. Buying land in Texas is different than buying a house. In addition to using different contracts, land use and size dictates which contract will be used.
A small unimproved parcel of land will probably use an Unimproved Land contract while a larger tract of land with buildings on the property is most likely to use a Farm and Ranch contract, which allows for price changes based on surveyor results. Throughout the process, Buyers need to be careful where they step – especially around cows.
Thorough due diligence and consultation with relevant professionals are essential for Texas land buyers to make informed decisions and mitigate potential risks associated with purchasing land. Buyers are ultimately responsible for what they choose to purchase. Let’s examine some ways to avoid pitfalls along the way to land ownership.

Zoning and Land Use
How a Buyer intends to use the land is a vital decision before anyone looks for land. Will there be animals, a mobile home, a house, two houses, a workshop, a business, a camper trailer, an industrial truck, or any farm equipment? Each of these can be a potential problem for the land buyer.
Zoning regulations can vary widely between urban, suburban, and rural areas. Be clear about the use of the land to find the right land.

Location
Texas is a vast state with diverse landscapes from swamps to deserts, so buyers should consider the specific region and its annual rainfall, proximity to amenities, employment opportunities, schools, transportation, paved roads and other important facilities.

Deed Restrictions
Deed restrictions are conditions set upon the land to future landowners. Most of these conditions are limitations of use. The most common deed restrictions do not allow mobile homes, secondary homes on the same property, no large trucks or trailers, limited animals, or a restriction of animal size.

Topography and Soil Quality
The land's topography and soil quality can significantly impact its potential uses, such as agriculture, development, or recreational activities. Buyers should assess these factors along with a “soil sample” (test) to determine the suitability of the land for their intended purposes.

Access and Easements
Access to the property and any existing easements for roads or utilities should be clarified to ensure that buyers have legal access to their land and that there are no encroachments or restrictions that could affect their use of the property.

Mineral Rights
Mineral rights can be sold separately (severed) from land or conveyed with the land. Many sellers may want to retain some or all of their mineral rights when they sell the land. This is part of the negotiation process of buying the land.
More frequently, a seller doesn’t know if they even own the mineral rights. A “Landman” must be hired to investigate and determine who owns the mineral rights under any specific plot of land. This isn’t a cheap project, which is why most people don’t know if they own the mineral rights under their land. Most landmen are part of the AAPL (American Association of Petroleum Landmen).
If another person or entity owns the mineral rights under the land you purchase, the mineral rights are considered “dominant,” and the landowner must give the mineral rights owner access to extract their products including surface products such as soil, sand and water.

Water Rights
There are two broad categories of water rights in Texas: groundwater and surface water.
Groundwater is “water percolating below the surface of the earth” according to the Texas Water Code. If there are no other agreements, landowners own the groundwater beneath their property. A severed groundwater right is also the dominant estate in Texas.
Surface water collects on top of land. When a piece of land has a creek, river or lake on the land, the water itself is not necessarily owned by the landowner. According to Texas A&M AgriLife Extension, “The State of Texas owns surface water and a permit from the Texas Commission on Environmental Quality (TCEQ) is generally required to divert state-owned surface water.” A TCEQ permit allows the holder to use a designated amount of water for a designated purpose.

Cash or Financed?
Cash is always king in real estate. Cash makes the entire transaction easier. Without lenders involved, the buyer can accept the property in any condition, can close as soon as the ink is dry on the contract and can often negotiate extra concessions from the Seller.
All deals – including cash and Veterans Administration (VA) loans will require about 2.5% of the sales price for closing costs.
Financed
Buying land through a lender has higher hurdles than a cash purchase. The lender will most often require the borrower to pay 20% down on a 15-year mortgage. Additionally, not all lenders are willing to make land loans. Buyers will need to find lenders willing to finance land loans. The land must also appraise for the sales price or less. Otherwise, the buyer will be required to pay the difference in cash – even if a significant down payment was paid.

How much land?
Many land lenders will also require the land to be more than 10 acres. A few credit unions will allow loans for less than five acres, but most land lenders are interested in 10 or more acres.
That said, agriculture tax exemptions can occur on as little as five acres anywhere in the state of Texas if the land has active bee hives. However, most counties will require at least 10 acres for an “ag exemption.”

Exempt or Not
As mentioned above, land can be exempt. I’ve written an entire post about exemptions, but the most likely use of land is for an ag exemption. The land must be “productive” to earn an ag exemption. Furthermore, it must be productive for at least five years before it is granted an exemption by the county.
Buyers should check with the county Central Appraisal District (CAD) to determine if specific land already has an exemption or will qualify for one.

Surveys
Most urban surveys are based on a Lot and Block system and platted at the city. Meanwhile, rural surveys are more likely to use a Metes and Bounds system, which measures distances from specific stakes or landmarks.
Obtaining a survey of the property and verifying its boundaries is essential to ensure that buyers are purchasing the correct parcel of land and to avoid any boundary disputes in the future.

Utilities
The most common utilities are electricity, natural gas, water, sewage, cable and internet connectivity. Land that has access to all utilities will often cost more because buyers will otherwise need to pay utility companies to bring those utilities to the property – at a cost per linear foot.
Depending on the governing jurisdiction, electricity, water and sewage may be required before a certificate of occupancy is authorized. If a water well, septic tank or propane tank are needed due to a lack of infrastructure, ensure it’s legal at that location according to all controlling governmental entities.

Water
Water can be supplied by a city, a water district, a water well or even a water service. City and water districts often have the lowest starting cost. Depending on the land, a water well can be extremely expensive and could be illegal. You can know more about water here.
If water isn’t currently at the property, a water line may need to be installed across another property owner’s land. This will create a need for the Buyer to acquire a Right of Way Easement from each landowner between the Buyer and the water supply if a water line doesn’t already exist.

Sewage
Rural areas may require a septic system to handle sewage. If a septic system currently exists on the property, an Information About On-Site Sewer Facility form will be required to convey the land. Sewage is often handled by the city in urban areas. Many cities will not allow septic systems.

Environmental Considerations
Buyers should conduct environmental assessments to identify any potential hazards or restrictions on the property, such as flood zones, wetlands, endangered species habitats, or contamination from previous land uses.

Future Development Plans
Buyers should research any potential future development plans or infrastructure projects in the area that could impact the value or use of the land.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #MarketWatch #ResidentialMarket #LeaseMarket #RealEstate #Sold #NewListings #Pending #Leased

Collin County Appreciation by Zip Code 2023

You may have gotten your tax assessment in the mail recently. If so, you have my sympathies. As you know, home sale prices rose significantly in early 2022 and then flattened in the fall. The damage to your taxes was already done by April.

The Homestead Exemption caps an assessment increase at 10% rather than the current approximate change amount on the attached sheet. If the assessed property is your primary residence, you need to ensure you have a Homestead Exemption. The deadline for it is April 30 each year. Follow this link for more information

There are several tax protest companies that will represent you for a fee if you don’t want to represent yourself. You have until May 15th to submit your protest in Collin County if you choose to protest.

If you pay mortgage insurance, please get detailed information from your REALTOR and send the information to your lender to have the mortgage insurance removed. If you don’t have a trusted REALTOR, I’m happy to help.

The loan-to-assessed value is a percentage by itself. Add principal payments plus any initial deposits, and your appreciation should easily be at 78% of county appraised value by now to drop the mortgage insurance – which only benefits the bank.

For additional information, please download any of my free real-estate guides. The Home Buyer’s Guide and Information of Value books have specific home maintenance information.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Home certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #RealEstate #taxes #PropertyTaxes #LTV #rates #appreciation #CollinCounty

Denton County Appreciation by Zip Code 2023

You may have gotten your tax assessment in the mail recently. If so, you have my sympathies. As you know, home sale prices rose significantly in early 2022 and then flattened in the fall. The damage to your taxes was already done by April.

The Homestead Exemption caps an assessment increase at 10% rather than the current approximate change amount on the attached sheet. If the assessed property is your primary residence, you need to ensure you have a Homestead Exemption. The deadline for it is April 30 each year. Follow this link for more information

There are several tax protest companies that will represent you for a fee if you don’t want to represent yourself. You have until May 15th to submit your protest in Collin County if you choose to protest.

If you pay mortgage insurance, please get detailed information from your REALTOR and send the information to your lender to have the mortgage insurance removed. If you don’t have a trusted REALTOR, I’m happy to help.

The loan-to-assessed value is a percentage by itself. Add principal payments plus any initial deposits, and your appreciation should easily be at 78% of county appraised value by now to drop the mortgage insurance – which only benefits the bank.

For additional information, please download any of my free real-estate guides. The Home Buyer’s Guide and Information of Value books have specific home maintenance information.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Home certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #RealEstate #taxes #PropertyTaxes #LTV #rates #appreciation #CollinCounty #DentonCounty

Get Real Estate Tax Exemptions 2023

There is no Texas state property tax. Property taxes are assessed and administered locally. Tax exemptions remove part of a taxable asset’s appraised value from taxation. This reduction saves money for the taxpayer.

For example, a $100 asset with a 10% tax exemption would be taxed as if it was only worth $90. If the tax on this item was 2.5%, the tax would move from $2.50 to $2.25. Those quarters add up quickly for real estate.

Real estate has a variety of tax exemptions available depending on the property use and condition of the property owners being taxed. Exemptions differ by state. In Texas, exemptions also differ according to the taxing authority such as counties, municipalities, schools and special districts.

A common property exemption in Texas is the Homestead Exemption (HS). Additional exemptions include Agricultural/Timber use, Solar and Wind-Powered Energy Device or Charitable Organizations and Businesses. Each taxpayer has different circumstances. Get advice from a tax attorney or Certified Public Accountant for your specific needs. Apply for most exemptions through your county Central Appraisal District (CAD) by April 30..

Please follow the link for additional information and guidelines.
Homestead Exemption Information
Agricultural/Timber Exemptions
Solar, Wind-Powered and Biomass Energy Devices
Charitable Organizations and Businesses

These are the Comptroller links to DFW metro counties:
Collin, Dallas, Denton, Ellis, Fannin Johnson, Kaufman, Rockwall and Tarrant

These are the Central Appraisal Districts (CAD) for DFW metro counties
Collin, Dallas, Denton, Ellis, Fannin, Johnson, Kaufman, Rockwall, and Tarrant

Homestead Exemption Information Back to Top

Homestead Exemptions remove part of your home’s value from taxation, protect against some creditors and more. In short, they lower your property tax payment. The amounts vary by county. All Texas homesteads receive a mandatory $100,000 exemption on the home’s value from school property taxes (changed to reflect newest numbers). Other local entities, like cities and counties, offer a separate residence homestead exemption. A homestead exemption can typically save a homeowner 10% to 20% on their property taxes.

The 10% Cap is an annual tax limit on homestead properties. Taxing authorities are limited to a 10% increase of the appraised value of a residence homestead from one tax year to the next. If the appraised value is 50% higher than the previous year, this difference could increase by 10% yearly over five years (longer if the appraised value continues to increase) with a “gap year” for new homeowners.

Only homesteaded properties get this benefit. Income-generating properties with tenants and properties owned by businesses are not eligible.

Conditional exemptions are determined by the property owner not the land. The individual conditions will require documentation and may allow a partial percentage or total exemption. The conditional exemptions include Age 65 or Older, Disabled Person, 100% Residence Homestead Exemption for Disabled Veterans, Surviving Spouses of an Armed Services Member Killed in the Line of Duty, Surviving Spouse of a First Responder Killed in the Line of Duty, or Donated Residence of Partially Disabled Veteran (or surviving spouse).

Here’s what you need to know to claim your exemption:

• There is no fee to file through your county’s tax appraisal office. Don’t pay a company to do this for you.
• The home must be your principal residence.
• You must have a valid copy of a Texas driver’s license or identification card that matches the homestead address.
• Homestead exemption applications are due by April 30.
• Application for homestead exemption is available at the county appraisal district (CAD).
• You can now file for the exemption immediately after purchasing the home and obtaining Texas identification with that address to get a prorated exemption.
• Homestead owner must be an individual (not a corporation or business entity).
• If the individual lives in a dwelling, a homestead can be a separate structure, condominium or mobile home located on owned or leased land.
• You only need to file once unless you move or get a notice from the chief appraiser.

Additional information
Texas homeowners who qualify for a homestead exemption can file for the exemption immediately after purchasing the home and obtaining Texas identification with that address to get a prorated exemption. However, the cap doesn’t start until the homestead has been in place for more than one year – a so-called “gap year.” 

Texas homestead exemptions from counties, schools, cities, and special districts reduce the property taxes for the homeowner. The amounts vary from county to county. All Texas homesteads receive a $100,000 exemption (a change from $25K in 2022) on their home's value from school property taxes. Other local entities, like cities and counties, offer a separate residence homestead exemption. A homestead exemption can typically save a homeowner 10% to 20% on their property taxes.

Take Advantage of Homestead Exemptions from the Texas Comptroller

One of the easiest ways a homeowner can lower his or her property tax bill is to file a homestead exemption. A homestead is generally the house and land used as the owner’s principal residence on Jan. 1 of the tax year.

Homestead exemptions reduce the appraised value of your home and, as a result, lower your property taxes. To apply for an exemption on your residence homestead, contact the (NAME) Appraisal District.

Available homestead exemptions include:
• School taxes: All homeowners may receive a $100,000 homestead exemption for school taxes.

• County taxes: If a county collects a special tax for farm-to-market roads or flood control, a homeowner may receive a $3,000 homestead exemption for this tax.

• Age and disability exemptions: Individuals 65 or older or disabled as defined by law may qualify for a $10,000 homestead exemption for school taxes, in addition to the $100,000 exemption available to all homeowners. Also, any taxing unit may offer a local optional exemption of at least $3,000 for taxpayers age 65 or older and/or disabled. Older or disabled homeowners do not need to own their homes on Jan. 1 to qualify for the $10,000 homestead exemption. They qualify as soon as they turn age 65 or become disabled.

• Taxing units may offer a local option exemption based on a percentage of a home's appraised value. Any taxing unit can exempt up to 20 percent of the value of each qualified homestead. No matter what percentage of value the taxing unit adopts, the dollar value of the exemption must be at least $5,000.

• Partial exemption for disabled veterans: Texas law provides partial exemptions for any property owned by disabled veterans, surviving spouses and surviving children of deceased disabled veterans. This includes homesteads donated to disabled veterans by charitable organizations at no cost or not more than 50 percent of the good faith estimate of the homestead’s market value to the disabled veterans and their surviving spouses. The percentage of service-connected disability determines the exemption amount.

• 100 Percent Residence Homestead Exemption for Disabled Veterans: A disabled veteran awarded 100 percent disability compensation due to a service-connected disability and a rating of 100 percent disabled or of individual unemployability from the United States Department of Veterans Affairs is entitled to an exemption from taxation of the total appraised value of the veteran's residence homestead. Surviving spouses of veterans who qualified for this exemption or who would have qualified for this exemption if it had been in effect at the time of the veteran’s death are also eligible with certain restrictions. The residence homestead application must be filed if this exemption is claimed.

• Surviving Spouses of Members of the U.S. Armed Services Killed in the Line of Duty: The surviving spouse of a member of the U.S. armed services who is killed or fatally injured in the line of duty is allowed a 100 percent property tax exemption on his or her residence homestead if the surviving spouse has not remarried since the death of the armed services member.

• Surviving Spouses of First Responders Killed in the Line of Duty: The eligible surviving spouse of a first responder killed in the line of duty is allowed a 100 percent property tax exemption on his or her residence homestead if the surviving spouse has not remarried since the death of the first responder.

For more details on homestead exemptions, contact the Central Appraisal District (CAD) at the links below. The homestead exemption application is available online at:
comptroller.texas.gov/forms/50-114.pdf

You may file an exemption with your appraisal district for the homestead exemption up to two years after the taxes on the homestead are due. Once you receive the exemption, you do not need to reapply unless the chief appraiser sends you a new application. In that case, you must file the new application. If you should move or your qualification ends, you must inform the appraisal district in writing before the next May 1st. A list of appraisal district addresses and phone numbers is available online.

Agricultural/Timber Exemptions Back to Top

Agricultural/Timber Exemptions (guidelines and resources)
     Application for 1-d-1 (Open Space) Agricultural Use Appraisal (auto download PDF)

Agricultural/Timber Exemption is a “special valuation.” It requires five or more years of agricultural production. The land is valued based on production rather than market value.

Each Texas county determines the minimum acreage for this exemption. Most counties require 10 acres. However, honeybees only require five acres minimum across all of Texas with a maximum of 20 acres dedicated to bee production. Bees can be leased but can cost more than hive ownership.

Technically called “Open Space” or colloquially “Ag exempt,” it requires some form of work, land preparation and stewardship. It removes a much larger appraisal valuation than a homestead exemption. It can be applied adjacent to a HS exemption for additional savings. Contact your county CAD for rates.

Solar, Wind-Powered and Biomass Energy Devices Back to Top

Solar, Wind-Powered and Biomass Energy Devices (auto download guidelines PDF booklet)
     Form 50-123 for exemption (auto download PDF)

Solar, Wind-Powered and Biomass Energy Devices provide a significant property tax exemption (Texas Tax Code Sec. 11.27) for the value of solar-collection property within guidelines with on-site devices for electrical production or storage.

Residential property owners must own the property and energy system on January 1 of the taxable year. Leased systems do not qualify for an exemption. Property owners apply to their CAD with supporting documents to detail the installation date and total kilowatt output of the system.

Solar energy devices installed or constructed after 2013 and used for a commercial purpose are subject to the cost method of appraisal. The depreciated value must be calculated using a useful life of 10 years or less.

To claim this exemption, fill out Form 50-123, “Exemption Application for Solar or Wind-Powered Energy Devices” and contact the Texas Comptroller’s Office for guidelines.

Charitable Organizations and Businesses Back to Top

Charitable Organizations and Businesses
     Form AP-199 (auto download PDF)

Charitable Organizations and Businesses engaged primarily in charitable activities may be eligible for local property tax exemptions. A corporation may be eligible for a local property tax exemption if it meets specific criteria including land title held by an IRS Section 501(c)(2) entity and releases all income, less expenses, to qualify as a charitable organization.

An organization must apply for a “Determination Letter for Property Tax Exemption” from the Texas Comptroller’s office and complete Form AP-199.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

Attention Texas Homestead Exemption Procrastinators

If you have never filed for a Texas Homestead Exemption on your primary residence, you need to file before the end of THIS WEEK.

The Homestead Exemption caps the annual property tax assessment increases at 10% rather than the current approximate 28%.

The deadline is April 30 each year. Even if you purchased your home this year, you can file for the exemption now. Follow this link for more information.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

Texas Homestead Exemptions 2022

Homestead Exemptions remove part of your home’s value from taxation, protect against some creditors and more. In short, they lower your tax payment. Here’s what you need to know to claim your exemption:

* UPDATED to reflect 2023 increase.

• There is no fee to file through your county’s tax appraisal office. Don’t pay a company to do this for you.
• The home must be your principal residence.
• You must have a valid copy of a Texas driver’s license or identification card that matches the homestead address.
• Homestead exemption applications are due by April 30.
• Application for homestead exemption is available at the county appraisal district (CAD).
• You can now file for the exemption immediately after purchasing the home and obtaining Texas identification with that address to get a prorated exemption.
• Homestead owner must be an individual (not a corporation or business entity).
• If the individual lives in a dwelling, a homestead can be a separate structure, condominium or mobile home located on owned or leased land.
• You only need to file once unless you move or get a notice from the chief appraiser.

Additional information from Designated Title
Starting January 2022, Texas homeowners who qualify for a homestead exemption will become immediately eligible to receive a property tax reduction when they purchase their property. Those buyers will receive the exemption allocated proportionally from the time they purchase the property. For example, if the buyer purchases the property in February, they will receive the homestead exemption on that year’s tax bill for February through the end of the year.

Texas homestead exemptions from counties, schools, cities, and special districts reduce the property taxes for the homeowner. The amounts vary from county to county. All Texas homesteads receive a $100,000 exemption on their home's value from school property taxes. Other local entities, like cities and counties, offer a separate residence homestead exemption. A homestead exemption can typically save a homeowner 10% to 20% on their property taxes.

Take Advantage of Homestead Exemptions from the Texas Comptroller

One of the easiest ways a homeowner can lower his or her property tax bill is to file a homestead exemption. A homestead is generally the house and land used as the owner’s principal residence on Jan. 1 of the tax year.

Homestead exemptions reduce the appraised value of your home and, as a result, lower your property taxes. To apply for an exemption on your residence homestead, contact the (NAME) Appraisal District.

Available homestead exemptions include:
• School taxes: All homeowners may receive a $100,000 homestead exemption for school taxes.

• County taxes: If a county collects a special tax for farm-to-market roads or flood control, a homeowner may receive a $3,000 homestead exemption for this tax.

• Age and disability exemptions: Individuals 65 or older or disabled as defined by law may qualify for a $10,000 homestead exemption for school taxes, in addition to the $40,000 exemption available to all homeowners. Also, any taxing unit may offer a local optional exemption of at least $3,000 for taxpayers age 65 or older and/or disabled. Older or disabled homeowners do not need to own their homes on Jan. 1 to qualify for the $10,000 homestead exemption. They qualify as soon as they turn age 65 or become disabled.

• Taxing units may offer a local option exemption based on a percentage of a home's appraised value. Any taxing unit can exempt up to 20 percent of the value of each qualified homestead. No matter what percentage of value the taxing unit adopts, the dollar value of the exemption must be at least $5,000.

• Partial exemption for disabled veterans: Texas law provides partial exemptions for any property owned by disabled veterans, surviving spouses and surviving children of deceased disabled veterans. This includes homesteads donated to disabled veterans by charitable organizations at no cost or not more than 50 percent of the good faith estimate of the homestead’s market value to the disabled veterans and their surviving spouses. The percentage of service-connected disability determines the exemption amount.

• 100 Percent Residence Homestead Exemption for Disabled Veterans: A disabled veteran awarded 100 percent disability compensation due to a service-connected disability and a rating of 100 percent disabled or of individual unemployability from the United States Department of Veterans Affairs is entitled to an exemption from taxation of the total appraised value of the veteran's residence homestead. Surviving spouses of veterans who qualified for this exemption or who would have qualified for this exemption if it had been in effect at the time of the veteran’s death are also eligible with certain restrictions. The residence homestead application must be filed if this exemption is claimed.

• Surviving Spouses of Members of the U.S. Armed Services Killed in the Line of Duty: The surviving spouse of a member of the U.S. armed services who is killed or fatally injured in the line of duty is allowed a 100 percent property tax exemption on his or her residence homestead if the surviving spouse has not remarried since the death of the armed services member.

• Surviving Spouses of First Responders Killed in the Line of Duty: The eligible surviving spouse of a first responder killed in the line of duty is allowed a 100 percent property tax exemption on his or her residence homestead if the surviving spouse has not remarried since the death of the first responder.

For more details on homestead exemptions, contact the Central Appraisal District (CAD) at the links below. The homestead exemption application is available online at:
comptroller.texas.gov/forms/50-114.pdf

 
You may file an exemption with your appraisal district for the homestead exemption up to two years after the taxes on the homestead are due. Once you receive the exemption, you do not need to reapply unless the chief appraiser sends you a new application. In that case, you must file the new application. If you should move or your qualification ends, you must inform the appraisal district in writing before the next May 1st. A list of appraisal district addresses and phone numbers is available online.

These are the Comptroller links to DFW counties:

Collin, Dallas, Denton, Ellis, Johnson, Kaufman, Rockwall and Tarrant

* Many counties allow the exemption to be filed via email.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

How To Protest Your Tax Appraisal

You got this year’s tax appraisal. It seems high. You want to protest it. Here’s what you do:

• Contact DFWmark. Email your name, property address and phone number to him (markhancockrealty@gmail.com).
• DFWmark makes a free Comparative Market Analysis (CMA) for you. Mark finds homes similar to your home in both size and age. He creates a market estimate CMA for you to consider for a protest. The CMA may support your protest on the grounds of Option 1 “Incorrect appraised (market) value.” Or maybe not.
• DFWmark will return this document plus a detailed explanation about the document.
• Sometimes there are mistakes and filing a protest will get the county to offer a corrected adjustment. If not, you can still collect information to present until shortly before a court date of your choice. However, the deadline to file a protest is absolute - often on or around May 15.

• If the CMA doesn’t support a protest, you may still proceed with a protest. A direct comparison analysis may support a protest on the grounds of Option 2 “Value is unequal compared with other properties.” You would need to present specific adjustments such as less-valuable property features or repair estimates from the comparable properties related to your property condition.
• You can then decide if you want to accept the county appraisal or file a protest.
• To file a protest before the deadline, go to the protest website listed on your Property Appraisal document and create an account. The address is efileprotest.collincad.org for Collin County.
• Complete the protest form. In Step 3, choose Option 1, 2 or BOTH (if they apply).
• Click the green button to file the protest.
• Once you have created a file and protested, you can upload supporting documents. These should include a protest letter from you - basically reword DFWmark’s cover letter. Then, upload the CMA or spreadsheet (if either or both support your claim), estimates of costs to make needed repairs, and photos of damaged or removed items (pools, patio covers, etc.) that the county considered in their appraisal.

• Once the deadline passes, the county Appraisal Review Board contacts you with an offer. You can accept or reject the offer.
     • If you accept the offer, the appraisal is agreed upon by you and the county. You pay that amount.
     • If you reject the offer, they will schedule a hearing date.
• At a hearing, you present your protest and the Appraisal Review Board makes a final determination.
• These taxes are finalized in October. Taxpayers are notified (billed) in December. Taxes must be paid in January before the February 1 deadline of the following year. Then, the cycle begins again.

• The appraisal amount is calculated from 1 Jan. 2020 to 31 Dec. 2020. You want a low number because you're taxed per each $100 of appraised value.
• The appraised amount is NOT the current market estimate of your home - where you want a high number. If you want to sell your house before June 15 while houses are selling fast at historic high prices, please let me know. I'd need to see the property to get a better current market number.

• If you’re uncertain about protesting the county appraisal, send me your information, and I can let you know where you stand until a day before the county deadline.

Here are links to many North Texas Central Appraisal Districts (CADs): Collin, Cooke, Dallas, Denton, Ellis, Grayson, Johnson, Kaufman, Rockwall and Tarrant.

I’ve Got Your Six!

Mark M. Hancock, GRI
REALTOR®

Pandemic Help

Mark M. Hancock / © DFWmark.com

I hope this information helps you, your loved ones and associates during the COVID-19 pandemic. Even if you're surviving the pandemic with only inconveniences and Zoom meetings, you are very likely to know someone who can use the information listed below.
Since you may not know who needs help, please share this page on your social media to help your friends.

Stay safe! Stay healthy!
I’ve Got Your Six!

DFWmark.com

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• EIDL Emergency Grant

Pandemic Mortgage Relief Options
• Health and Welfare Assistance
• Mortgage and Rent Programs
• Protections for renters
• Where to get additional help

Pets (food and veterinary assistance)
401K Disbursements
IRS (tax relief)
Student loans
Report price gouging

DFW city and county websites 

Suicide Prevention
National Suicide Prevention Lifeline
1-800-273-8255
suicidepreventionlifeline.org
Lifeline provides continuous, free and confidential support for people in distress. They also provide prevention and crisis resources for friends and family.

Family Crisis Center / Domestic Abuse
1-800-799-SAFE (7233)
Email: nationaldeafhotline@adwas.org
thehotline.org/help
Call, chat or email.
National Domestic Violence Hotline provides continuous, free and confidential support in more than 200 languages. Advocates talk confidentially with anyone experiencing domestic violence, seeking resources or information, or questioning unhealthy relationships.

DoD Safe Helpline
877-995-5247
Chat online with a trained Department of Defense staff member who can provide you confidential crisis support. Your privacy and safety are crucial. You may use Safe Helpline anonymously.

International Domestic Violence Resource Guide: Coronavirus Update

Contact information sorted by nation and useful tips to help witnesses take action.

Federal Stimulus Packages (pandemic related)

Federal Stimulus Checks
• This is an advance on your 2020 tax return – not a grant. Learn what this means for your 2020 taxes.
• Direct payments to Taxpayers
• Based on 2019 return or 2018 if 2019 is not filed
• To qualify: Adjusted Gross Income must be under $75K single / $150K filed jointly
• $1,200 per taxpayer
• $500 for each qualifying child (17 and under)
• Payments start the week of April 13th or 20th
• It will take longer to get a payment if the IRS doesn’t have your direct deposit information

Unemployment Benefits
• CARES Act provides unemployment benefits for independent contractors too
• These are federal funds and are administered by the states (such as TWC.texas.gov)
• Benefit amounts depend on your past income

Paycheck Protection Program (PPP)
• Provides loans to small business to help with payroll costs, rents and mortgages
• Available for independent contractors as well
• Loan amounts are based on a monthly average payroll costs X 2.5 up to $10 million
• Parts of the loan may be forgiven (most likely those paid to employees)
• Low interest rate and two-year maturity
• Visit www.sba.gov for more information
• Apply through your banker

Food programs
USDA (www.usda.gov)
Food and Nutrition Service (FNS)
• Assistance for People of All Ages
• Supplemental Nutrition Assistance Program (SNAP): SNAP provides nutrition benefits to supplement the food budget of needy families so they can purchase healthy food and move toward self-sufficiency.
• Food Help for Disaster Relief
• The Food and Nutrition Service (FNS) coordinates with state, local and voluntary organizations to provide food for shelters and other mass feeding sites, distribute food packages directly to households in need in limited situations, and issue Disaster Supplemental Nutrition Assistance Program (D-SNAP) benefits.
• The Emergency Food Assistance Program (TEFAP): TEFAP helps supplement the diets of low-income Americans by providing them with emergency food assistance at no cost.

Utility, Prescription and Medical Help
usa.gov/help-with-bills
Utility company help
• If you can't afford to pay your home heating or cooling bill, you may be able to get help from the government or your local social services agency or nonprofit. Prescription drug and medical help
• Government programs can help pay for prescription drugs and medical bills.

Veterans Administration
benefits.va.gov
• If you haven’t applied for veterans’ benefits and need to take advantage of them now, here’s where you can start the process.
• If you are a service member and need pandemic-related assistance with your rent or mortgage payments, contact your local Legal Assistance Office.

Small Business Administration Loans

Economic Injury Disaster Loans (EIDL) Loan Advance
• Up to $2 million loan
• Low interest rate (3.75%) with 30-year maturity
• Must provide economic hardship due to COVID-19
• Personal guarantee required or collateral
• Visit www.sba.gov for more information and to apply

EIDL Emergency Grant
• Economic Injury Disaster Loans
• $10,000 forgivable grant
• Same process as the loan
• Independent contractors included
• Must provide economic hardship due to-19
• Visit www.sba.gov for more information and to apply

Pandemic Mortgage Relief Options

Health and Welfare Assistance
Federal and state governments have announced plans to help struggling homeowners during the pandemic.
A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place two protections for homeowners with federally backed mortgages:
1. A foreclosure moratorium
2. A right to forbearance for homeowners who are experiencing a financial hardship due to the COVID-19 emergency

Mortgage and Rent Programs
USA Today article
If you can pay your mortgage, pay your mortgage. There is no mortgage forgiveness program.
• Mortgage Forbearance – borrowers of government-backed mortgages can request up to 360-day payment forbearance without proof of hardship.
• It is vital to understand if your loan servicer will demand all funds at the end of the forbearance period or will tack them onto the end of the loan.
• It is unclear how taxes and insurance will be handled, but they will most likely be due and payable as typical for your arrangement. Only loan principal and interest are affected.

Protections for renters
According to the Consumer Financial Protection Bureau, if you are renting from an owner who has a federally-backed mortgage, the CARES Act provides for a suspension or moratorium on evictions. If your landlord has a federally backed mortgage or multi-family mortgage, you cannot be evicted for nonpayment of rent for 120 days beginning on March 27, 2020, the effective date of the CARES Act. After the 120-day period is up, the landlord cannot require you, the tenant, to vacate until providing you with a 30-day notice to vacate.
If the property you rent isn’t covered by the CARES Act, many states have suspended all evictions and foreclosures due to the pandemic. Check the websites of your state government or legal aid program for details and updates. See National Center for State Courts www.ncsc.org for more information.

Where to get additional help
If you need help working with your mortgage servicer or understanding your options, you can contact a professional to help with your specific situation.
• HUD-Approved Housing Counselors. The U.S. Department of Housing and Urban Development (HUD)-approved housing counselors can discuss options if you can’t pay your full mortgage loan or need a reverse mortgage loan. This may also include forbearance, deferment, or a modified payment program.
• Credit Counselors. Reputable credit counseling organizations are generally non-profit organizations that can advise you on your money and debts, and help you with a budget. Some may also help you negotiate with creditors. There are specific questions to ask to help you find a credit counseling organization to work with.
• Lawyers. If you need a lawyer, there may be resources to assist you through your local bar association, legal aid.

401K Disbursements
• CARES act allows distribution from your 401K or IRA up to $100,000 of your vested balance with no penalty.
• Distribution is taxable but tax is spread out over three years.
• Distribution can be repaid and receive a tax credit.
• Loans are also permitted based on your plan’s rules.
• Must certify that the distribution/loan is COVID-19 related.

Pets (food and veterinary assistance)
• ASPCA pandemic response page
• Humane Society aid and financial assistance:

IRS (tax relief)
Coronavirus tax relief (IRS)
• July 15th is the new tax deadline for filing your 2019 returns
• This includes quarterly tax payments

Student loans
• Suspends all payments due on federal student loans for 6 months
• Interest shall not accrue on these during this forbearance
• For the purpose of loan forgiveness, loans will be deemed paid during the forbearance.
• Prohibits negative credit reporting or involuntary debt collection during the forbearance period

Report price gouging
USPIRG.org (U.S. Public Interest Research Group)
How do I spot price gouging?
1) Extraordinarily high prices: Businesses can increase prices for critical supplies during an emergency. While laws vary by state, increases over 20% may be considered price gouging.
2) Price Comparison Between Similar Products: Some state laws prohibit significant increases in prices as compared to similar store-brand products.
3) Err on the side of caution: If you aren’t certain if a product is priced too high, report the problematic items to the company and your Attorney General.

What do I need to report price gouging?
1) The name of the store/vendor where you saw the item and their address.
2) Product details, including, but not limited to, the product type, brand, size, and price.
3) The date, time, and location you saw the product.
4) You can improve the investigation by providing a picture of the item.

Please also visit individual city and county websites in the DFW Metroplex for local help.

I’ve Got Your Six!

Mark M. Hancock
REALTOR
214-862-7212
DFWmark.com


#DFWmark #pandemic #help #COVID19 #StagingTips #FoodToGo #SucceedInPlace #UsefulNews #Frisco #DFW

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Who pays for what?

Below you will find the customary distribution of expenses for the purchase of real estate in Texas. Keep in mind that many of these items can be negotiated by either party at the time of the offer, excluding some expenses the lender requires the seller to pay and/or VA prohibits the veteran to pay.

Buyer typically pays for:
• Escrow fees
• Document preparation (if applicable)
• Recording charges for all documents related to the transfer of title to the buyer
• Prorated share of taxes (from the date of acquisition)
• All new loan charges and fees (except those the lender requires the seller to pay), including
     o Appraisal
     o Credit report
     o Tax service fee
     o Loan origination/discount fee
     o Reserves for taxes and insurance
     o Flood certification
     o Mortgage insurance premium
• Title insurance premium: Lender’s Policy
• Interest on the new loan from the date of funding to 30 days prior to the first payment date
• Inspection fees
• Homeowner’s transfer fee (if applicable)
• Fire insurance premium for the first year.

Seller typically pays for:
• Real estate agent’s commission(s)
• Escrow fees
• Payoff of all loans in the seller’s name (unless the existing loan balance is being assumed by the buyer), including
     o Interest accrued to the lender for total pay off
     o Statement fees, release fees and any prepayment penalties
• Home warranty (according to contract terms)
• Any judgments, tax liens, etc. against the seller
• Prorated share of taxes (for any taxes unpaid at the time of transfer of title)
• Any unpaid homeowners association dues
• Recording charges to clear all documents of record against the seller
• Any outstanding assessments
• Any and all delinquent taxes
• Title insurance premium: Owner’s policy
• Seller credit for closing costs (according to contract terms)

Texas Residence Homestead Exemption

Frequently Asked Questions about the Homestead Exemption from the Texas Comptroller:

Do I, as a homeowner, get a tax break from property taxes?
You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes.

For example, your home is appraised at $100,000, and you qualify for a $25,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $75,000. Taxing units have the option to offer a separate exemption of up to 20 percent of the total value.

Do all homes qualify for homestead exemptions?
No, only a homeowner's principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home's owner must be an individual (for example: not a corporation or other business entity) and use the home as his or her principal residence on January 1 of the tax year. If you are age 65 or older, or disabled, the January 1 ownership and residency are not required for the age 65 or disabled homestead exemption.

What is a homestead?
A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.

What homestead exemptions are available?
There are several types of exemptions you may receive.

* School taxes: All residence homestead owners are allowed a $25,000 homestead exemption from their home's value for school taxes.
* County taxes: If a county collects a special tax for farm-to-market roads or flood control, a residence homestead is allowed to receive a $3,000 exemption for this tax. If the county grants an optional exemption for homeowners age 65 or older or disabled, the owners will receive only the local-option exemption.
* Age 65 or older and disabled exemptions: Individuals age 65 or older or disabled residence homestead owners qualify for a $10,000 homestead exemption for school taxes, in addition to the $25,000 exemption for all homeowners. If the owner qualifies for both the $10,000 exemption for age 65 or older homeowners and the $10,000 exemption for disabled homeowners, the owner must choose one or the other for school taxes. The owner cannot receive both exemptions.
* Optional percentage exemptions: Any taxing unit, including a city, county, school, or special district, may offer an exemption of up to 20 percent of a home's value. But, no matter what the percentage is, the amount of an optional exemption cannot be less than $5,000. Each taxing unit decides if it will offer the exemption and at what percentage. This percentage exemption is added to any other home exemption for which an owner qualifies. The taxing unit must decide before July 1 of the tax year to offer this exemption.
* Optional age 65 or older or disabled exemptions: Any taxing unit may offer an additional exemption amount of at least $3,000 for taxpayers age 65 or older and/or disabled.

How do I get a general $25,000 homestead exemption?
You may file an Application for Residential Homestead Exemption (PDF) with your appraisal district for the $25,000 homestead exemption up to two years after the taxes on the homestead are due. Once you receive the exemption, you do not need to reapply unless the chief appraiser sends you a new application. In that case, you must file the new application. If you should move or your qualification ends, you must inform the appraisal district in writing before the next May 1st. A list of appraisal district addresses and phone numbers is available online.
These are the direct links to DFW counties:

Collin, Dallas, Denton, Ellis, Johnson, Kaufman, Rockwall and Tarrant

What is the deadline for filing for a homestead exemption?
You may file for any homestead exemption up to two years after the delinquency date. The delinquency date is normally February 1st.

May I continue to receive the residence homestead exemption on my home if I move away temporarily?
If you temporarily move away from your home, you may continue to receive the exemption if you do not establish a principal residence elsewhere, you intend to return to the home, and you are away less than two years. You may continue to receive the exemption if you do not occupy the residence for more than two years only if you are in military service serving inside or outside of the United States or live in a facility providing services related to health, infirmity or aging.

If I own only 50 percent of the home I live in, do I qualify for the residence homestead exemption on the home?
Yes. However, if you qualify for a homestead exemption and are not the sole owner of the property to which the homestead exemption applies, the exemption you receive is based on the interest you own. For example, if you own a 50 percent interest in a homestead, you will receive only one-half, or $12,500, of a $25,000 homestead offered by a school district.

*** Applications must be postmarked by 30 April to be considered for the current year. 

*** Most counties allow the exemption to be filed via email.
*** Applicants will need to attach valid copies of their Texas driver's licenses - stating the address of the homestead exemption request - to document their eligibility.

I've Got Your Six!