Texas homeowners are facing a very difficult time as property taxes are increasing and putting a burden on homeowners just as interest rates are increasing their borrowing costs. The combination is pushing Texas to have the 4th highest foreclosure rate in the country.
The state is facing increased costs as it tries to keep up with the illegal immigrants in the state that are draining the resources.
‘Texas taxpayers have a rare opportunity to tame the stealth “appraisal†tax and reform the entire property tax process.
Gov. Rick Perry threw taxpayers a lifeline by appointing a task force to review the property tax process in Texas. Now taxpayers must man the lifeboats and come up with collective recommendations which will help all classes of taxpayers.
Americans for Prosperity-Texas sent a letter mid-July asking the Governor to appoint a commission to address property tax reform and related issues. We now have the opportunity we wanted to help Texans realize the American dream. But be careful what you ask for – there are certainly choppy waters ahead.
One major challenge facing taxpayers eager for relief is that their voices not be overshadowed by taxpayer-funded lobby groups, using tax dollars to benefit their own organizations.
The need for reform is great. Texas has the 13th highest property taxes in the country, and Texans rank 45th in the country in home ownership. Many citizens who own their homes are paying property tax bills equivalent to what their mortgage payments were, and Texans are losing their American dream. Texas foreclosure rates are fourth highest in the country per capita, with one in every 549 households in the process of foreclosure in January 2006. via East Texas Weekly Community Newspaper
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Something needs to be done about this.