You may qualify for Hurricane Harvey property tax relief.
- The President of the United States declared a major disaster exists in the State of Texas.
- FEMA issued a disaster declaration for individual assistance.
- The IRS announced affected taxpayers in Texas will receive tax relief.
The Hurricane Harvey Federal Tax Reduction Program reduces both property taxes and federal taxes for taxpayers who suffered property casualty (loss or damage). The tax savings can be significant regardless of any flood insurance coverage you may have – potentially 10% to 30% of the value of your property before the flood.
The IRS is permitted to postpone certain deadlines for taxpayers in the affected area, including taxpayers with valid extensions to file 2016 returns which were due to expire October 16, 2017. The IRS is also waiving their usual fees and expediting requests for copies of previously filed tax returns for affected taxpayers,
To increase your potential for eligibility, here are some things to do:
- Report any property damage to the appraisal district yourself. Do not expect the district to be aware of whether or not your property was impacted by flooding.
- Document all conditions now and as of the end of the year.
- Send all appropriate documentation to the appraisal district, including photos, invoices for work performed, bids, and information about the property before the flooding if it is available.
- Provide the market value appraisal of all flooded properties as of January 1, 2018, including an in-depth analysis of property devaluation from flooding.
Republic Property Tax can help you understand the terms of eligibility for the Hurricane Harvey Federal Tax Reduction Program and assist you in gathering the required documentation. We can provide representation at formal and informal hearings to determine the need for binding arbitration or help coordinate judicial appeals.
Remember – if the flooding is not reported, your initial 2018 property value will assume no flooding, although the value is unlikely to exceed market value.
Our primary mission:
- Secure tax savings for Texas home and business owners
- Ensure that they are assessed for no more than their fair share of the property tax burden
- Provide advocacy and information to the county appraisal district to be properly considered using generally accepted appraisal principles.
Republic Property Tax provides professional property tax assessment appeal representation; we are not associated with any government agency. Our property tax consultants handle property tax protests for Texas home and business owners from start to finish and help them realize substantial property tax savings.
To learn how Republic Property Tax can help you, contact us or call 713-609-9430 with any questions you have about your eligibility for the Hurricane Harvey Federal Tax Reduction Program or other property tax issue.