A Complete Simplified Guide to Industrial Property Taxes in TexasBy: Michel Gray Tax Team / August 4th, 2023
Property taxes are an inevitable part of owning industrial real estate in Texas. A Simple understanding of the nuances of this taxation can help you navigate the system effectively and avoid unnecessary expenses.
The Role of the Central Appraisal District
In Texas, industrial property tax assessments are primarily handled by the local Central Appraisal District (CAD). The CAD is responsible for valuing properties at their market value as of January 1 each year.
How Property Taxes are Calculated
The formula to calculate property taxes involves multiplying the property’s assessed value by the tax rate set by various local taxing entities.
Understanding Property Tax Exemptions
Certain industrial properties may qualify for exemptions or abatements that reduce taxable value. Examples include pollution control exemptions and freeport exemptions.
The Protest Process
If you believe your property’s valuation is higher than it should be, you can challenge it. An industrial property tax attorney can guide you through this often intricate process.
The Importance of Timely Tax Payment
Industrial property tax bills are typically mailed in October and are due by February 1st of the following year. Penalties and interest accrue on unpaid taxes, making prompt payment crucial.
Local Tax Laws and Economic Development Programs
Beyond state laws, each local taxing district has its own specific rules and regulations. Additionally, economic development programs can impact tax liabilities, making it vital to stay informed.
Consulting a Texas Industrial Property Tax Attorney
Understanding and managing industrial property taxes in Texas can be complicated. Relying on an experienced Texas industrial property tax attorney can make a significant difference in your approach.
Reach Out to Michel Gray & Rogers, LLP
Don’t navigate the labyrinth of Texas industrial property taxes alone. Let the experienced attorneys at Michel Gray LLP guide you. Contact us at (512) 866-8014 or send us a message to book an initial consultation. We’re committed to delivering personalized solutions that meet your unique needs.