Tear it down now to save on your Taxes

It's the bulldozer time of year in Preston Hollow and North Dallas. Smart folks who are hanging on to tear down houses that are sitting on lots for future building, get those buildings demolished before January 1st. One of the primary reasons to bring on the bulldozers now is for tax purposes.

Property taxes in Dallas are based on the status and condition of the property as of January 1st each year. If the land is vacant of a structure, then the owner pays taxes on the land value only. Buyers are often wise to close before the end of the year as well to secure their homestead exemption. The 20% savings is usually worth it. Just keep in mind that banks and title companies are closed on weekend and holiday and often the process takes a little longer this time of year.  [where: 75230]