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Homeowners Have Payment Options for the Property Taxes Due On The Appreciating Home Value

Texas homeowners may postpone paying the current property taxes due 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 Collin County Appraisal District office.

This 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.  Additional penalties are possible.

For complete details about deferring taxes on appreciating value of your home, contact Collin County Appraisal District, 250 Eldorado Pkwy., McKinney, TX  75069, (469) 742-9200.  The Property Tax Assistance Division of the Comptroller’s office can also answer your questions at 1-800-252-9121 and press "2" to access the menu and then press "1" to contact the Informaion Services Team or visit the state Comptroller’s website,at www.window.state.tx.us/taxinfo/proptax/.