Tips for Budgeting and Forecasting Next Year’s Property Taxes

Like most of us in the Dallas-Fort Worth area, you most likely got your yearly statement for property taxes in the mail last month. If you own your home outside of a mortgage agreement, then lucky you, you get to pay all of that bill this year.

However, for some people who have not sought the help of a property tax consultant, there may be some negative thoughts going through their heads as they try to not only pay their property taxes from the previous year but now have to dread how to prepare for next year’s payment. Here are some tax payment and budgeting tips for people living in the Dallas-Fort Worth area.

What If You Can’t Afford to Pay Property Taxes This Year?

This is a question that thousands of people in the area ask themselves each year. The first thing to do is find a company with experienced property tax consultants who can help walk you through your options for this year’s payment.

Not being able to afford to pay your annual tax in one lump sum is problematic, but is a situation that you are not alone in, and your county officials do understand this.

If you find yourself in a situation where you know you are not going to be able to pay in one payment, contact your county tax office and attempt to work out a payment plan throughout the year. The amount of the payment plan offered is dependent on when you make the plan and how much you are willing to initially put down. If you go this route, you will be on a set plan that is paid month by month. The only downside to this is that you now have yourself in a situation where you may find it difficult to save for next year’s payment. The outcome all depends on the means of your household.

Property Tax Forecast and Budget Next Year

By getting together and establishing a solid relationship with a consultant you are opening the doors to a wealth of property tax knowledge and experience. A property tax consultant will be able to help you determine the different ways that your property tax can change throughout the year. This will help you decide what percentage of each paycheck you should be putting aside for property tax payments.

Another tip for saving on your property tax payment involves another visit to your county tax office. Some offices allow you to pay half in November and the rest at a later, specified date. This all lies in the hands of your county tax office but is a viable option to look into.

Hegwood Group Property Tax Consultants Will Help You Understand Your Taxes

If you are a citizen that is having a difficult time wrapping your head around your property tax and what you owe, you are not alone. At The Hegwood Group, we understand how complicated this area of taxes can be and we are dedicated to helping you understand the many areas of property tax assessment and payment options. Give us a call today to find out about our property tax consulting, business personal property tax services, ad valorem tax services, and more.