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Has the Tax Man Got You Down?

Many of you recently received your 2023 property tax assessments… Since property taxes are usually either your largest or second largest expense behind salaries, it’s crucial to keep them as low as possible to protect your profits! Our team has a wide network of vendors that we can connect you with in order to protest your assessments.

Here’s a recent example of how a tax hike can affect a property:

  • 2022 Assessment: $8,900,000

  • 2023 Assessment: $12,600,000

  • Property Tax Increase at 2.28% rate: $84,360/yr or $7,030/month. (This is a 41.6% increase!!!)

  • For a 250 unit property, you need to raise rents (or lower expenses) $28 per unit, per month just to keep up with the property tax increase.

Contact us to put you in touch with experienced property tax consultants who work in the markets that your properties are in.

With how much some of these assessments are going up, the income producing potential of your property is significantly being affected. We are in contact with specialists in each of the West/Central TX Secondary markets who can help you protest property tax assessments. We also offer complimentary BOVs and asset management analysis to help you decide whether it’s best for you to Hold, Refinance, Buy additional property with refinance proceeds, Rehab, or Sell. If the timing’s right for you to sell, there are several tax advantaged ways that you can do so. Not only do you have the 1031 option, there are several other options: Delaware Statutory Trust, Deferred Sales Trust, Reverse 1031, and the 721 UPREIT exchange that can help you maximize your proceeds and defer your capital gains taxes. Call us when we can provide a complimentary BOV for your property. In addition to marketing and prospecting to our extensive database, here are a couple additional benefits that you’ll get when you work with us:

  1. Full marketing on every major platform for apartments, not just our company website.

  2. We offer co-brokerage fees to other brokers so that you have full exposure to the market, whether it’s our client or someone else’s.

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