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Tax Strategies to Maximize Returns: Beating the Tax Man in 2023

In 2023, many property owners in Texas received their property tax assessments, and it's no secret that property taxes can be a significant financial burden. In fact, they often rank as one of the largest expenses, second only to employee salaries. It's imperative to explore ways to minimize property taxes to protect your profits, and our team is here to assist you in this endeavor.

Consider this recent example to understand the impact of a tax hike on your property's financials:

  • 2022 Assessment: $8,900,000

  • 2023 Assessment: $12,600,000

  • Property Tax Increase at a rate of 2.28%: $84,360 per year or $7,030 per month (a staggering 41.6% increase!)

Property Tax Assessment Increase Impact - 2022 vs. 2023
Understanding the Financial Impact of Property Tax Assessment Increases in 2023

For a 250-unit property, this means you need to raise rents or reduce expenses by $28 per unit per month just to offset the property tax increase. If you're facing such challenges, don't hesitate to reach out to us. We can connect you with experienced property tax consultants who specialize in the markets where your properties are located.

The rising assessments significantly impact your property's income potential. Our network of specialists in the West/Central TX secondary markets is ready to assist you in protesting property tax assessments and exploring cost-saving strategies.

In addition to property tax consultation, we also offer complimentary Broker Opinion of Value (BOV) reports and asset management analysis to help you make informed decisions about your real estate investments. Whether it's best for you to hold onto your property, refinance, acquire additional properties with refinance proceeds, rehabilitate, or sell, we have you covered.

If you're considering selling your property, there are multiple tax-advantaged options to explore beyond the 1031 exchange, including the Delaware Statutory Trust, Deferred Sales Trust, Reverse 1031, and the 721 UPREIT exchange. These strategies can help you maximize your proceeds and defer capital gains taxes.

Reach out to us for a complimentary BOV for your property. When you choose to work with us, you benefit from:

  • Full-scale marketing across all major platforms for apartments, not limited to our company website.

  • Co-brokerage opportunities to ensure your property gains maximum exposure in the market, whether it's our client or another broker's.

Don't let rising property taxes hinder your financial goals. Contact us today to explore tax-saving strategies and make informed decisions about your property investments.


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