poconnor

Most property managers and owners can state their property’s most productive use and reel off a list of potential uses as well. But not all of them know their property’s specific use restrictions, and fewer still realize how those limitations affect the property’s value for tax assessment purposes. Here are some use restrictions that could allow you to save BIG: Government Restrictions Local zoning laws impose the most common use restrictions, and their impact on property uses and potential values is commonly understood. A property zoned for development as a retail power center, for example, will generally have a higher market value than a property which is limited to uses such as auto repair or animal kenneling. Market values are often used to set tax assessment values, so a use restriction that increases or reduces market value will also increase or reduce a property’s tax assessment value. Semiprivate Restrictions The complexities of government-imposed restrictions pale in ...

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You will get rich if you own a real estate business. But it’s not that easy. You need to do a lot of work. First off, you need to have an entrepreneurial spirit. You need this kind of spirit if you want to start any kind of business. And then you must put in a lot of work and effort. Here are some tips on how you can start your own real estate business. 1. Understand the Real Estate Business The wise thing to do is to understand the real estate business before putting your investment in it. How do you do that? Follow these steps and you will not fail to get a complete grasp of the real estate business. a) Work as a real estate agent To understand the real estate business, you need to work from the ground up. And the very first job that you need to take is that of a real estate agent. Learn about the requirements of being a real estate agent in your state. The requirements may include certain educational attainment. To be one, you must be at least 18 years old. You also need a ...

The Do-It-Yourself culture has made an impact on the world. Add the frugality mindset in the mix, and you have professionals scrambling to get noticed. Sadly, the same is true for real estate. Most people would choose to do things by themselves. Some have good reason to do so. They would save a little more money from not hiring a professional. Some would even venture to say that they can more accurately choose the property they want. Considering these and a few more reasons, should you hire a property management company? We have listed below some of the core functions of a property management company. This way, you can decide for yourself if you need one or if you should do the DIY path. They Maintain the Property A property management company does all the advertising and updating of vacancies of rental properties. They also negotiate, enforce leases, maintain, and secure the premises so that the properties will be of the optimal value for the seller. Keeps the Price Fair and Profitab...

Texas may not be the most expensive city to live in. In fact, Texas real estate rather has very high demand nowadays. We owe this to the millennials who are looking to invest in their own  real estate properties . But Texas lately had problems with their property tax. Some states like the state of California do have higher income and sales taxes. However Texas still has a higher property tax compared to California. That’s because California is protected by a law that limits the annual tax rate increase. Currently, California only allows up to a 2% increase based on the value of the property. Meanwhile in Texas, property appraisals  have reached 10% . ANNUAL INCREASE LIMIT The current cap for the annual increase is 8%. If a taxing unit raises more than 8% of the property tax revenue of the previous year, voters can file a petition. This election can help roll back the increase. But there are some taxing units such as community colleges that levy property taxes. Th...

Most property managers and owners can state their property’s most productive use and reel off a list of potential uses as well. But not all of them know their property’s specific use restrictions, and fewer still realize how those limitations affect the property’s value for tax assessment purposes. Here are some use restrictions that could allow you to save  BIG : Government Restrictions Local zoning laws impose the most common use restrictions, and their impact on property uses and potential values is commonly understood. A property zoned for development as a retail power center, for example, will generally have a higher market value than a property which is limited to uses such as auto repair or animal kenneling. Market values are often used to set tax assessment values, so a use restriction that increases or reduces market value will also increase or reduce a property’s tax assessment value. Semiprivate Restrictions The complexities of government-imposed restrictions...

Much to our dismay,  summer is coming to a close. With winter weather approaching in just a few months, now is the time to get your home and yard ready for the winter weather that is headed your way. Aside from just general cleanup of your yard, you’ll want to make sure that you check the snow-removal equipment, make sure the exterior of your home is ready, and that the interior is prepped as well. Here are some helpful tips. CLEAR OUT THE YARD. In the summer, you likely have a lot of items in your yard. This can include things like patio furniture, benches, a grill,  pool equipment , yard equipment, children’s toys, potted plants, and so forth. If you leave all of these items in the yard, this can cause a lot of weather damage to these items. Not to mention, if winter storms bring strong winds, this is debris that could get blown into your home and potentially cause damage. Try to find a place that you can store these seasonal items. If you don’t have a garage or sh...

If you don’t know yet, it is possible for voters to petition to  reduce the tax rate  in Texas. This normally happens when the increase has passed the limit stated by the law. TAX RATE LIMIT As of now, the threshold is 8%. But after the Reformed Property Tax Code of Texas, it has now decreased to 3.5%. This is a different number from what Texas Governor Greg Abbott wants. He first supported the 2.5% threshold. Yet, the 3.5% cap is still a great help for taxpayers. It won’t significantly lower the property tax they have to pay. But it will slow its growth, and they can ultimately save some money. The new limit to the tax rate will take effect in 2020. WHAT HAPPENS IF TAXING UNITS GO BEYOND THE THRESHOLD? It’s not impossible for taxing units to go beyond the proposed 3.5% threshold. In fact, it’s rather common. That’s why the law was made to help the public. Even before the Reformed Property Tax Code, voters can petition an election. This tackles the increase...