Note to Chief Appraisers: This is a sample press release you may use as a model if you send out press releases to your local news media to alert taxpayers regarding important property tax information. Please feel free to localize the sample releases by adding contact information for your county appraisal district office; quotes from the chief appraiser; and other helpful information such as the dates, times and locations of ARB hearings, whether annual applications for property tax exemptions are required in your area or any specific instructions that apply to taxpayers in your appraisal district.
For Immediate Release
Homeowners May Defer Taxes on Appreciating Home Value
Texas homeowners may postpone paying the current property taxes on the appreciating value of their homes by taking advantage of a payment option called “residence homestead tax deferral” and filing a tax deferral affidavit at the (NAME) County Appraisal District.
This special form of tax relief allows homeowners to pay the property taxes on 105 percent of the preceding year’s appraised value of their homestead, plus the taxes on any new improvements to the homestead. The remaining taxes are postponed — but not cancelled — with interest accruing at 8 percent per year.
Once the homeowner files the tax deferral affidavit with the appraisal district, no taxing unit can start or continue a lawsuit for the deferred taxes as long as that person owns and lives in the home. When the homeowner no longer owns and lives in the home, the deferred taxes and interest become due. If the taxes are not paid, taxing units can then sue to collect the deferred taxes and interest. Plus, additional penalties are possible.
For complete details about deferring taxes on the appreciating value of your home, contact (INSERT CONTACT INFORMATION FOR COUNTY APPRAISAL DISTRICT). The Property Tax Assistance Division of the state Comptroller’s office can also answer your questions at (800) 252-9121.
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