According to an article in the Star-Telegram, over 129,000 Tarrant County homeowners will see their property taxes go up. This is quite surprising given the high number of foreclosures hitting Texas, especially the Dallas-Fort Worth area. Slightly less than half of homes assessed for taxes (128,000) experienced a drop in their home's value. Most of those devaluations were due to foreclosures in the neighborhood.
The article said:
Real estate appraisers say valuations are rising in high-end neighborhoods, while decreases are occurring in more modest sub-divisions where foreclosures are higher.
In any case I'm suspect that many of those who are being assessed higher property taxes will suffer because of it. Even some homeowners living in high-end neighborhoods are vulnerable to foreclosure as job losses spread to professions that were previously seen as relatively secure. The good news for homeowners is that they have the opportunity to challenge the higher tax assessments. For homeowners who want to file a tax protest the deadline is June 1st.
For those homeowners who are unable to pay their property taxes and/or facing foreclosure bankruptcy may help you sort out your financial troubles. To find out how bankruptcy may help you, please contact a Dallas-Fort Worth bankruptcy attorney today.