Well, Thanksgiving has come and gone. I'm getting tired of turkey. This calf is really thankful that he is NOT a turkey. And, there are quite a few people that wish they had a pasture full of cows so that they could qualify for an Agriculture Exemption on their land. Which brings me to my point. Property Taxes.
Property taxes include both real estate taxes and personal property taxes that real estate professionals and other businesses incurr.
If you live in Texas, property taxes are due on January 31. However, if you prefer, you can split it up into two payments. The first half would be due by November 30 - which is this coming Friday. The second installment would then be due by June 30. (Those over 65 may be eligible for an installment plan on their primary residence.) See www.window.state.tx.us/taxinfo/proptax/tc06/ch31a.htm#31.02 for more information.
So, you have a choice - that you might want to think about before you finish your Christmas shopping.
Would you rather pay half now or the entire amount in January, after you have blown your budget on Christmas?
Of course, those that are great at budgeting, don't care either way. Nor do those home owners who have escrow accounts. This is the prime time when you realize how nice having the escrow is.
BUDGET, BUDGET, BUDGET your spending. Think about what you bills you HAVE to pay before you do your Christmas shopping. It wouldn't hurt to consider how your federal income taxes will be looking also. But, that can be the subject of another post.
Disclaimer: Everyone's tax situation is potentially different. This is meant to be a general reminder. If you have questions about your particular situation, consulting a qualified Certified Public Accountant and/or your local taxing jurisdiction.
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