Ultimate Como Real Property Tax Guide for 2024

With the help of this guide, you’ll obtain a useful understanding of real property taxes in Como and what you should be aware of when your property’s appraised value is set. Should you already be living here, planning on it, or just wishing to invest in Como, read on to gain insight into what to expect.

As already mentioned, you can send in a challenge objecting to the bill. You have the right to appeal if you want to challenge your property’s assessment or any other assessment step taken. You or your consultant would submit an application with the Appraisal Review Board (ARB). Always request to receive pre-hearing information on what data are to be presented by the Assessor.

The investigation process starts with an unofficial discussion planned by the Assessor. You’ll receive the agenda from the Appraisal Review Board (ARB) along with the date, time, and location — or the possibility of a virtual meeting — at least 15 days in advance. If when composing the initial Protest Notice, you had requested documents to be presented by the appraiser, it’ll be sent to you before the hearing. Either you or your tax consultant may show up in person, participate in a virtual meeting, or file evidentiary material. You can trade evidence via printouts or electronically.

You or your tax professional and the appraiser will be asked to offer factual arguments. You may be first or follow the district representative (you choose) in presenting all related data. Your appeal needs to be defended with facts related to your real estate’s estimated value. Contemplate including helpful photos, evidence uncovering property description errors, building plans, and any other useful, evidentiary documents.

So far it’s been “just the facts please”, yet there’s a second step, i.e. officially making your case. The assessor needs to be presented with your position in an understandable, convincing style. At this point the practiced art of an appeals expert can be rewarding big-time. Be aware also that the assessor’s office isn’t allowed to consider your economic circumstances.

Should your initial effort be unsuccessful, you may go for a formal Appraisal Review Board (ARB) hearing. Composed of area residents, the ARB has the power to order changes be undertaken by appraisers. Same as for the initial informal hearing, you or your specialist may appear in person, be on a conference call, or send in an affidavit arguing your case with facts and circumstances.

With the results still unfavorable, one of three avenues is open depending on property-related particulars and your property’s category. The challenge would either be addressed by a State Office of Administrative Hearings (SOAH), an unbiased arbiter, or a state district court.

While submitting a protest, expect to encounter retainer stipulations and other costs associated with District Courts, binding adjudications, and State Office of Administrative (SOAH) appeals. In addition, tax on that piece of the billing not under review has to be paid prior to proceeding.

At this point, you better solicit for service of one of the best property tax attorneys in Como TX.

Taxing entities’ combined bills are generally delivered by the county in October with a due date of February 1st following year. Contact the county tax assessor’s office if you haven’t received the bill in your mail. Penalties and interest charges are assessed on ignored payments regardless of whether the bill was delivered on time.

Traditionally, the various taxing municipalities in a county will arrange for that county to levy and collect the tax. The county assembles and combines all the levies into one consolidated bill for sending to each property owner.

The same county tax assessor-collector offices answer questions on behalf of the taxing units they sustain. Questions may concern collections, tax rates, property estimates, appeals etc.

If you have an outstanding loan, your financier most likely takes care of property tax payments by way of your loan’s escrow account. Homeowners get statements from their lenders verifying the payments.

Tax suspensions, i.e. tax relief can be granted in very limited cases. You must be older than 65 or fall under the Social Security Administration’s definition of disabled to qualify. First a Homestead Exemption has to be granted before making a suspended payment claim. Even so, taxes can only be postponed as long as taxpayers live in the property. Even so any assessed late charges, and other related charges on unpaid taxes stay intact.

Texas statutorial rules mandate fair real property values be set by counties. These valuations must be recorded without consideration for revenue consequences. Estimated market values are also required to be set at full market value other than “capped” residence homesteads. Capped properties’ market worth increases shouldn’t be higher than 10% annually.

Under the state Code, reappraisals must occur at least once every three years. Most often, appraisers lump together all like properties located in the same community and collectively apply one-fits-all estimation strategies. Missing separate property tours, unique property characteristics, perhaps affecting property’s market value, are missed.

Appraisers started by making a descriptive catalogue of all taxable property, aka a tax roll. This roll describes by address all properties within a specific locale. Gleaned from different sources, these properties were categorized predicated upon square footage, use, features, and construction type. The property’s location and how it was utilized were also determinants employed to create these sets and then assign market values en masse to them all. At present, without another checkup, utilizing often old, possibly inaccurate descriptions — with only recent property sales figures being up-to-date — appraisers have to rely upon those collectively assigned estimated market worth.

Determined by Texas law, this operation is meant to allot the tax hit in a fair manner across the state with equitable real estate rates. It’s easy to suspect, however, that because of this broad-brush approach, distortions of omission and commission are likely! Grounds for contesting abound here!

Como and every other in-county governmental taxing entity can now compute required tax rates as market value totals have been established. As computed, a composite tax rate times the market worth total will reflect the county’s total tax burden and include your share. This is mostly a budgetary function with entity administrators first estimating yearly expenditures expectations. Then they determine the tax rates needed to cover those budgeted outlays. In theory, at least total receipts will equal the fund required for all planned operations that year.

Texas has more than 4,000 local governmental entities, including counties and special districts such as schools, hospitals, and water treatment districts. They all separately establish the needed tax levy to cover their budgeted outlays. Under a consolidated tax bill, almost all sub-county entities reach agreement for the county to bill and gather the tax on their behalf.

Both routinely scheduled and previously unscheduled public hearings traditionally play valuable part in this budgetary routine. County residents may legally petition for a public vote should planned tax hikes exceed established limits.

In setting its tax rate, Como must respect Article VIII, Sec. 21(a) of the Texas Constitution. Actually, tax rates mustn’t be hiked until the general public is previously notified of that plan. Then a formal meeting discussing any planned tax increase must be assembled.

If Como property tax rates are too high for your revenue resulting in delinquent property tax payments, you may want to obtain a quick property tax loan from lenders in Como TX to save your home from a potential foreclosure.

Customarily complete-year real property levies are remitted upfront when the year starts. So who pays property taxes at closing when buying a house in Como? When buying a house, ownership is transferred from the seller to the purchaser. And so does the obligation for remitting real estate levies. As a result, the buyer will be repaying the previous owner for the after-closing piece of the tax.

Generally, it’s not a prorated tax reimbursement paid straight to former owners, however. Rather, they’ll be combined with other obligations of the buyer on final settlement.