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      February 16, 2019

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Tax Relief in Texas

Texas MapIndividual wages and salaries earned by the residents and nonresidents form the sources of personal taxes. The state levies these taxes to fund its governmental units like school systems, road maintenance and more. Seven states of the country do not levy a personal income tax on their residents. These states include South Dakota, Tennessee, Texas and others. South Dakota compensates this exemption by levying property tax at the state level. While in Tennessee, the residents have to pay a tax on income earned from bonds, stocks etc. The state of Texas, on the other hand, does neither.

Property tax is collected by local taxing units in Texas. These include counties, cities, and school districts. Automobiles, airplanes, boats and travel trailers all fall under the category of personal property that can be taxed, if they are a source of income. The total tax rate will vary, from county to county and even year to year. A residential homestead exemption is available for people who became owners of a particular property on January 1. While even greater exemptions are given to taxpayers who are 65 (and older) or disabled.

The latest figures available for the median household income in the state of Texas are the figures from the year 2013. These figures show a value of $51,704 which is not only lower than the median household income in the US ($52,250) but also a decrease from what the value used to be in 2012 ($51,477) in the state of Texas itself. A decrease in household income is often attributed to an increase in debt and sometimes, outstanding taxes. For those that are seeing a smaller paycheck it can be a challenge to set aside enough money to pay for any unexpected expenses. Factors like lower income and an increasing rate of unemployment can create a greater tax delinquency. Tax relief programs offer solutions to these residents.

Using strategies like negotiated penalty abatement, audit representation and reconsideration, and tax return amendment and review, various companies offer tax relief programs. A tax relief company will work with its clients to get them out of tax debt. Tax delinquency is a very serious issue and can result in the seizure of your assets. A tax relief company can offer a way out.


Proposed Texas Bill Could Save Homeowners $1.4K on Property Taxes

A Texas state lawmaker says he will file a bill he says would save homeowners about $1,400 a year on their property taxes. The bill, authored by Muenster Representative Drew Springer, would add new sa...

Published:  Fri, 15 Feb 2019 15:09:00 GMT

In property tax fight, clout of local officials hangs in balance

A key provision in Texas property tax law that has held firm for nearly four decades appears on the verge of major change as Republican state leaders are determined to ratchet down how much tax money ...

Published:  Fri, 15 Feb 2019 16:28:00 GMT

Study: Texas oil & gas industry paid $14 billion in taxes, royalties in 2018

Fog blankets a low-lying area where pumpjacks operate in West Texas, northeast of Kermit, on Sept. 12, 2018. CONTINUE to see how much money area energy companies made (or lost) in recent quarterly ear...

Published:  Thu, 14 Feb 2019 10:39:00 GMT

Days after heated meeting, Texas Senate property tax committee passes 2.5-percent rollback rate bill

The 86th Legislature runs from Jan. 8 to May 27. From the state budget to health care to education policy - and the politics behind it all - we focus on what Texans need to know about the biennial leg...

Published:  Mon, 11 Feb 2019 15:13:00 GMT

Google reportedly scored tax breaks using secret shell companies

Google also extensively uses non-disclosure agreements with officials, The Post said. In the case of the Texas data center, Google was seeking a decade of tax breaks, but Midlothian's head of economic ...

Published:  Fri, 15 Feb 2019 17:42:00 GMT

Texas Is The 20th Most 'Tax-Friendly' For Middle Class: Study

Texas is the 20th most tax-friendly state in the country for the middle class. That's according to a study published Wednesday by the personal finance site GOBankingRates. State and local income ...

Published:  Thu, 14 Feb 2019 05:23:00 GMT

Local government would lose, taxpayers keep $900 million as Texas property tax cap bill advances

AUSTIN - A bill that would cap property taxes and shrink local government budgets by an estimated $900 million passed its first hurdle Monday and heads to the Senate for a full vote of its members. Th...

Published:  Mon, 11 Feb 2019 14:08:00 GMT

Texas' School Finance System Is Unpopular and Complex. Here's How It Works.

the median school district tax rate has hovered around $1.04 since at least 2006. But Texas' economy is thriving, property values have skyrocketed and local property tax revenue has risen with ...

Published:  Fri, 15 Feb 2019 16:02:00 GMT

Property tax creates a state v. local tug-of-war in Texas

DALLAS - Substantial property tax changes under discussion in the Texas Legislature may have implications for bond issuers across the state. David Medanich, head of public finance for Hilltop Securiti...

Published:  Mon, 11 Feb 2019 09:03:00 GMT

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