Year-End Strategies to Reduce Next Year's Property Taxes

With the end of the year rapidly approaching, property owners should consider available methods and procedures that might be implemented to potentially reduce the amount and liability for next year's property taxes.

Though limited, there are some actions (and inactions) that a property owner can take prior to January 1 in an effort to reduce the amount of taxes assessed next year and possibly eliminate personal liability for some taxes. In a revision of an article from last year, we point out some considerations for property owners to reduce next year's property taxes.

Read the article.

RECENT CASELAW

Marubeni America Corp. v. Harris County Appraisal District

The court rules that a rendition error committed by the property owner did not qualify as a clerical error to allow correction of a prior year value. In the particular facts of this case, the property owner filed a rendition stating the incorrect number of gallons of a chemical in inventory and the value of that inventory. The appraisal district appraised the property based on the rendition. Subsequently, the taxpayer determined that the rendition was erroneous as understating the gallons but overstating the value, and filed a 25.25(c) correction motion. The court held that, though the rendition was based on incorrect information, the error was not a clerical error because it did not result from an error in ?writing, copying, transcribing, entering or retrieving computer data, computing, or calculating.?

Read the opinion.

Upcoming deadlines

November 30
Deadline to pay first half of 2004 taxes in taxing units adopting the split-payment option under Section 31.03

January 1, 2005
Appraisal valuation date for most types of taxable property

January 1, 2005
Date lien attaches for payment of 2005 taxes, interest and penalties

January 1, 2005
Qualification date for most tax exemptions for 2005 tax year