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In the ever-changing, ever-growing industry that is Real Estate, it is really important to stay up to date with the changes in legislation to know what the best way to move forward is and to always make sure you are getting the best out of your investment.
Continue reading to learn more about the most relevant tax breaks and information that Texas has to offer.
It is important to note that there is no state property tax in Texas; they are locally assessed and administered by each regional government, which is divided in 254 counties! Property taxation takes a huge part in the development of a place, helping pay for schools, roads, parks, and fund law enforcers and first responders since it brings in the most money of all the taxes the government collects.
If you want to learn more about the taxation of the county where your property is located and find assessors in the area, you can click here.
At the start of May, Texas voters approved 2 tax-relief propositions aimed at lowering property taxes for homeowners across the board.
Proposition 1
The first proposition, which passed with the approval of 87% of Texan voters, is directed to helping people who are 65 and older and/or disabled. This motion will cut school district property taxes to the people from the aforementioned group.
Proposition 2
The second proposition will raise the state’s homestead exemption or the dollar amount of a home’s value that’s exempt from taxation by the school district. Before this passed, the amount offered was $25,000, and now it climbed to $40,000. This proposition was supported by about 85% of voters.
These 2 property tax exemptions are the most recent that have been approved in the State of Texas, but you can get a rundown of the most useful tax breaks here.
Most programs have extensive requirements, so you need to make sure you research thoroughly and carefully and take your time to be able to gather all the documentation that is needed to better the chances of getting the tax exemption.
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Jay Hartley MPM®, RMP®
Owner - Managing Partner
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Office | 817.377.3190
Direct | 817.288.5546
Frontline Property Management, Inc.
3000 Race Street, Suite 132
Fort Worth, TX 76111
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PROPERTY MANAGEMENT TRENDS TO WATCH |
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When Cienda Partners made its first purchase in Oak Cliff and West Dallas in 2006, the area was still not on most developers’ radar.
But after the investor sold its 8-acre trailer park site on West Commerce Street to one of the country’s top apartment builders, the real estate market took notice.
“The dam broke, and everybody started coming over the river,” said Cienda Partners co-founder Barry Hancock. “We’ve had a good run in Oak Cliff, and we are partial to it.”
Cienda Partners just did its biggest deal yet in the neighborhood, after more than a decade of buying and selling Oak Cliff real estate.
A developer known as the “condo king” of Miami just snapped up 8 acres from Cienda Partners at the Oak Cliff end of the Jefferson Street bridge.
The company — Related Group — plans to build more than 400 luxury apartments on the high-profile site that Cienda Partners acquired in 2015.
The builder of some of Florida’s most successful residential high-rises, Related Group is now scouting the country for development locations. Its first Texas buy is in North Oak Cliff.
“Sometimes it takes someone from out of town who doesn’t have preconceived notions to see the obvious,” Hancock said. “Once word about Related got out, every one saw the obvious.”
Related Group’s purchase has turned up the heat on what is already one of urban Dallas’ hottest apartment building markets.
Developers are putting up thousands of new rental units in the area stretching from Singleton Boulevard in West Dallas to Interstate 35E.
Apartment builders Banyan Residential, Columbus Realty, Stonelake Capital Partners and Kairoi Residential are just a few of the major builders working on new rental communities across the river from downtown.
Local builder Mintwood Real Estate just bought an almost 2-acre site from Cienda Partners near the corner of Colorado Boulevard and Jefferson. The land was part of the property Cienda Partners acquired around the old Oak Farms Dairy in North Oak Cliff.
“We invest in sites that are proximate to established neighborhood amenities, such as parks and retail, and to job centers,” said Mintwood’s Katy Slade. “Our property is minutes from downtown Dallas, Bishop Arts and Jefferson Boulevard — three of Dallas’ original walkable, mixed-use neighborhoods.
“It also benefits from continued public investment in infrastructure like the deck park, streetcar, Trinity River trails and new highway exit.”
Mintwood is finalizing plans for about 200 rental units in its project on Colorado.
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After the sales to Related Group and Mintwood, Cienda Partners still has about 22 acres left in North Oak Cliff.
“The whole site is zoned walkable mixed-use with 20-story zoning and very dense,” Hancock said.
Cienda Partners is working with Southern Asset Services Corp.’s Harold Ginsburg to market additional building sites at its property.
Hancock said that along with apartment builders, the company is talking to hotel and office developers.
“We have sort of the last big, good properties on the rim of downtown,” he said.
Cienda Partners bought the Oak Farms Dairy in 2014 and has been in no hurry to develop the land, holding out for the right deal. “We are glad we waited,” Hancock said.
Oak Farms was one of the Dallas properties that was pitched to Amazon when the big e-commerce retailer was looking around the country for potential second headquarters sites.
“I think over the next 18 to 24 months we will be sold out of the property,” Hancock said.
Cienda Partners has built a business around buying edgy real estate outside the mainstream. It has acquired and sold real estate near the Design District, in Oak Lawn and all across West Dallas and Oak Cliff.
“Not everybody wants to be in Uptown,” Hancock said. “We have a pretty good track record of finding sites other people overlook.
“We’ll keep looking in North Oak Cliff and push farther south.”
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Developer Alamo Manhattan Corp. is about to begin its second apartment community in North Oak Cliff — 210 units on Zang Boulevard. The apartment and retail building is next to a similar project Alamo Manhattan completed in 2018.
“What we thought would happen there has happened — this has turned into one of Dallas’ great neighborhoods,” said Alamo Manhattan’s president Matt Segrest. “We expect to break ground this summer.
Dallas is a dynamic city, and nothing shows that
more than North Oak Cliff.
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Construction of a $63 million luxury apartment complex is underway at a master-planned community about 15 minutes south of downtown Fort Worth.
Titan Development and Aberg Property Co. Inc. broke ground Tuesday on the 284-unit The Trailhead at Chisholm Trail Ranch. The project is expected to be complete in the first quarter of 2025.
“The Chisholm Trail Parkway is exploding with growth, and The Trailhead is positioned to deliver much needed multifamily to this vibrant neighborhood,” Josh Rogers, senior vice president at Titan Development, said in a statement.
The project site is on 13.5 acres at the northeast corner of McPherson Boulevard and Brewer Boulevard in Fort Worth.
The apartments, spread across seven buildings, will include one-, two- and three-bedroom floor plans along with studios. Amenities will include garages, covered parking and bicycle storage as well as a pool, a dog park and a pickleball court.
Links Construction, based in Denton, will build the project designed by HEDK Architects. Lincoln Apartment Management will operate the property.
The complex will be part of the 625-acre Chisholm Trail Ranch, a community of single-family homes, retail space, a park, a community center and a trail system just west of Chisholm Trail Parkway.
Design features such as artwork and landscaping pay tribute to the Chisholm Trail, the major route used to drive cattle out of Texas in the late 1800s.
“The Trailhead in the historic Chisholm Trail Ranch area is our first multifamily project in Fort Worth, and we especially enjoy creating a distinctly Western theme,” said Kurt Browning, partner at Titan Development.
“As the fastest-growing large city in the country, we’re excited to see the Trailhead at Chisholm Trail Ranch taking shape to support our booming population and thriving economy,”
“As the fastest-growing large city in the country, we’re excited to see the Trailhead at Chisholm Trail Ranch taking shape to support our booming population and thriving economy,” said Robert Sturns, director of economic development for the city of Fort Worth, in a statement. “With its proximity to the new Tarleton State campus and other nearby amenities, this multifamily development is a welcome addition to the new growth happening in southwest Fort Worth.”
The project is a joint venture between Titan Development and Dallas-based Aberg Property Co., with investment from Olympus Property. Aberg Property Co. has been involved in the development of the Chisholm Trail Ranch master plan for more than a decade.
This is Titan’s first apartment project in Fort Worth. The development and investment firm with offices in Austin and Albuquerque has completed more than $2.5 billion of projects since 1999, ranging from multifamily housing to industrial and self-storage properties.
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Disclaimer: This is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Consult with your own attorney, CPA, and/or other advisor regarding your specific situation. |
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