Understanding Property Taxes and Wind Farm Tax Relief
Wed, 26 Mar 2014 23:32:06 GMT —
Property taxes are something that all homeowners must pay annually, and here in Texas, the market value of your home has probably been shifting regularly.
If you own a home, itâ??s the bill that comes the mail every year, and is usually a very large expense for working families.
The first step before you get your tax bill is that the property appraisal office calculates what you will owe this year. Kathy Sweney , the Deputy Chief Appraiser of Potter-Randall says that they are required each year by state law to review the values of local properties, and this is all based on market activity that has occurred in the past twelve months, and if necessary, the agency will make adjustments on the values of the properties whether they increase or decrease.
Due to the truth in taxation law at the state level, there is a very official process that the local government must follow in order to raise or lower your tax bill. Michelle Bonner, the Assistant City Manager of the city of Amarillo says that tax values change, so thereâ??s going to be a change in your tax rate, and that will result in an increase or a decrease.
Over the summer, the city calculates what rate will create the same amount of tax levy, that is the necessary amount or money that they need to run the local government.As Oldham County has proven, and wind power could provide some tax relief. While there are no large wind farms yet in Randall or Potter counties. Oldham county residents have seen their tax bills go down because of the arrival of wind farms, which provide additional revenue for the local government.
Steve Myers of Class 4 Winds and Renewables Inc. says that if Randall and Potter Counties entice wind developers with incentives, that property taxes could go down, like they did in other Panhandle counties that are home to wind firms.
Bringing wind power revenue to the Amarillo tax base will depend on the incentives Randall and Potter counties offer to wind developers.