|
|
Like this article? PLEASE +1 it! |  |
|
Over 65 Exemption Portability
| Guest post by: Patrick Oconnor |
Article Overview: Thousands of homeowners take advantage of the Over 65 exemption allowed by the Texas Property Tax Code. After years of working and paying taxes, it's about time you get a break, right?
 |
Free Download - Cost Segregation - Tax Deductions(Business Taxes) By Patrick Oconnor |
Over 65 Exemption Portability
Thousands of homeowners take advantage of the Over 65 exemption allowed by the Texas Property Tax Code. After years of working and paying taxes, it's about time you get a break, right? But what about when you finally retire to that house on the lake, or some other destination you've always dreamed about? Does the Over 65 exemption go with you? If you remain in Texas, proportionately, it does!
Many homeowners retire to a dream home that may cost more than the home they've been living in. While you will pay more in taxes for a more expensive home, the good news is the same percentage of school taxes for the previous home protected under the Over 65 exemption is transferable to the value of the new home.
For example, if you live in a home valued at $100,000 and the Over 65 exemption caps your school district taxes at $75,000, you're being taxed on 75 percent of the value. When you move to a new home in any Texas county that is more expensive than your previous home, you still are only taxed by the school district at 75 percent of the new home's value. So whether your new home is worth $200,000 or $2 million, you only owe school district taxes for 75 percent of the value.
Of course, if you move to a less expensive home, you're still only taxed by the school district at 75 percent of the value. The main difference here is you pay less taxes overall for a less expensive home, plus the proportion of the Over 65 exemption.
If you or your parents are over 65, contact O'Connor & Associates to learn more about the Over 65 exemption and how we can help you take advantage of this tax savings.
Minimizing taxes requires a modest investment of time. High-income taxpayers are often reluctant to divert time from production activities. However spending two to four hours with an advisor often reduces taxes by 20 - 50 %. IN some cases, it is possible to completely eliminate taxes for several years. This modest investment of time can substantially increase after-tax income.
Disabled Veteran Tax Exemptions in Texas
Gift and Estate Tax Changes....................Are You Ready?
The Fair Labor Standards Act: What You Need to know
Preparing the annual return for Audit - exempt companies
Good News For Bankruptcy in New York
Your Estate Plans for Your Business: What to Do Now
The Best Kept Secret In Business Funding
Using Removable Hard Disk Drives (RHDDs)
Singapore Corporate Tax
Who Should Use a Regulation D Private Placement
What is exempt property and what can you keep with the federal exemptions?
Why choose MT4 for Forex automated trading?
State Franchise Disclosure and Registration Laws
Will The 48 Hour Opt Out Rule Remain In The UK
The Regulation of Franchising in PEI -- Franchise Lawyer Canada
Home-based Business Idea: Custom Jewelry Business
Regulation D Programs
Wireless Number Portability
SEP-IRA vs SEP-401k: Which Retirement Plan To Choose
The Fundamentals of Raising Capital from Investors
Article Tags: Houston, property tax appeals, property tax consultants, Property tax reduction consultants, property tax reduction services, tax deduction consultants, tax deduction services, Texas
|
About the Author: Patrick Oconnor RSS for Patrick's articles - Visit Patrick's website Patrick C. O'Connor has been president of O'Connor & Associates since 1983 and is a recipient of the prestigious MAI designation from the Appraisal Institute. He is also an registered senior property tax consultant in the state of Texas and has written numerous articles in state and national publications on reducing property taxes. He continues to set the standard in direction and quality of our appraisal products, adding services ranging from business valuations and business appraisals to cost segregation analysis for income tax reduction. Check Patrick O Connor at Google Plus 
Click here to visit Patrick's website   Cost Segregation Tax DeductionsBusiness Taxes Highest and Best Use Analysis Appealing Your Property Taxes in District Court Tips on Market Value Appeal Tax Reductions and the IRS Position on Cost Segregation |
Related Forum Posts
Share this article with your friends. Fund someone's dream.
Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.
by: Erin Ferree, Small Business Branding Coach
Best Automated Forex Trading Strategy
Build Your List with Joint Venture Giveaway Events
May 2012 Top 100 Social Media Experts to Follow on Twitter
What to measure to be phenomenally successful in business
10 mistakes of media relations
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Email Marketing Made Easy #11 - Avoiding Spam
In the Year 2020 . . . Process
SEO Gurus, Software and Ebooks
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.