A "Last Chance" for Tax Relief

The dreaded 2003 tax bills have been received, and the time is rapidly approaching in which those tax assessments must be paid.

Regardless of the classification or type of property, an owner's initial reaction is universal: "How am I going to pay this tax bill?" But, upon further examination of the bill, the second reaction is often: "My property is not worth that much. Is it?"

The answer to the first question is difficult for many property owners to face. However, as for the second question, not all hope is lost. Despite the receipt of a tax bill, there remains a potential opportunity for tax relief often overlooked by taxpayers.

Section 25.25(d) of the Texas Property Tax Code may yet provide some property owners with value relief and thus tax relief.

Read the article.

RECENT CASELAW

Conseco Finance Service Corp. v. J&J Mobile Homes, Inc.

The court ruled that property tax liens take priority over pre-existing financing liens on personal property. A mobile home with a pre-existing lien was sold at a tax warrant sale for delinquent taxes. The finance company alleged that its lien was not extinguished by the tax sale, claiming that the provisions for extinguishment of pre-existing liens only applied to real property. The court of appeals rejected the argument.

Read the opinion.

Upcoming deadlines

December 31
Last day to pay taxes for 2003 IRS deduction

January 1
Tax lien date for 2004 taxes

January 31
Last day to file special inventory declaration (retailers of cars, boats, heavy equipment, and manufactured homes)

January 31
Last day to pay 2003 taxes before delinquency

January 31
First of four installments due for senior or disabled homestead taxpayers