J. Joseph Property Tax Blog
Exploring the Dynamic Shifts in Global Energy: What's the Latest from the U.S. Energy Information Administration?
In the ever-evolving global energy world, recent U.S. Energy Information Administration (EIA) updates provide valuable insights into the shifts and trends shaping the future of energy consumption and production. These developments have significant implications for both the U.S. and international markets, from natural gas to crude oil. Let's delve into these changes and understand their broader impact.
How does J. Joseph help you if your tax bill is too high.
October brings the delivery of property tax bills for businesses across Texas. As the individual responsible for your company's financial well-being, it is critical to capitalize on any opportunities that can positively impact your business's bottom line. If you're asking yourself, "Why is my property tax bill so high, and can I do anything about it?" this article is for you. The harsh reality is that most businesses overpay their property taxes because of inaccurate assessments, tax rate changes, and missed exemptions. Don't pay more than your fair share of taxes by following these five steps.
I received my property tax bill. What's next?
Facing a staggering property tax bill is a common challenge for many businesses. The unsettling truth is that many companies overpay on their property taxes year over year due to inaccurate assessments, ever-changing tax rates, and overlooked exemptions. Fortunately, there's a solution. J. Joseph property tax experts. Saving our clients millions in property taxes, our team ensures your business capitalizes on every possible advantage and precisely maneuvers these complexities.
Texas Homestead Exemption Set for Major Increase: What You Need to Know Overview
In a move that promises to alleviate the financial pressure of rising property taxes for homeowners, the Texas House and Senate have passed a property tax relief plan pending voter approval on Nov 7th, which would significantly increase the homestead exemption from $40,000 to $100,000. For the average homeowner, this would translate to annual savings of approximately $1,400 on property taxes.
Will A.I. Replace Property Tax Professionals?
The rapid advancement of artificial intelligence (AI) has led to speculation about its potential to replace human workers in various industries. However, when it comes to roles that require nuanced understanding, empathy, and critical thinking, such as property tax professionals, the human touch remains irreplaceable. While AI can undoubtedly assist in streamlining processes and enhancing efficiency, there are several reasons why AI may or may not replace property tax professionals.
The Essential Role of A Dedicated Property Tax Advisor
The complexities of property tax regulations in Texas for businesses that operate in the oil and gas industry present unique challenges for financial officers, tax managers, and business owners. Navigating this intricate landscape requires a nuanced understanding of the state’s property tax laws and industry-specific practices. Engaging the services of property tax consultants can be an effective strategy to overcome these challenges.
Overcoming Property Tax Challenges in Texas for Businesses in the Oil & Gas Industry
The oil and gas industry is a cornerstone of the Texas and National economy, contributing significantly to job creation, energy production, and overall economic growth. Property taxes can represent a significant part of the operational expenses for businesses that own property in this sector. The magnitude of these taxes influences profitability and shapes investment and strategic planning decisions.
Navigating Property Taxes in the Texas Oil & Gas Industry
In the fast past pace and constantly changing Texas Oil & Gas industry, property taxes represent a significant portion of your business's operational costs. The unique circumstances surrounding the valuation, assessment, and taxation of businesses operating in the oil & gas industry who own property adds an extra layer of complexity. Our article, “ Navigating Property Taxes in the Texas Oil & Gas Industry,” provides a comprehensive overview of property taxes, helping you make informed decisions that maximize profitability and ensure your business's regulatory compliance.
Overcoming Property Tax Challenges in Texas for Businesses in the Oil & Gas Industry
Property taxes can represent a significant part of the operational expenses for businesses that own property in this sector. The magnitude of these taxes influences profitability and shapes investment and strategic planning decisions. The problem is, calculating these taxes is not a straightforward process. It requires a nuanced understanding of local regulations, fluctuating market conditions, and the ability to accurately forecast future production and profitability. Companies must also grapple with the complexity of property tax laws, which can differ significantly across Texas.
3 Reasons Why You May Want to Pay Your Property Taxes Early
The complexities of property tax regulations in Texas for businesses that operate in the oil and gas industry present unique challenges for financial officers, tax managers, and business owners. Navigating this intricate landscape requires a nuanced understanding of the state’s property tax laws and industry-specific practices. Engaging the services of property tax consultants can be an effective strategy to overcome these challenges.
3 Reasons Why You May Want to Pay Your Property Taxes Early
All real property and tangible personal property located in Texas are taxable; with taxing units mailing tax bills on Oct. 1, you may consider paying your property taxes early this year.
How will President Biden's decision to ban the importation of Russian oil and gas affect the world?
In a move that could have far-reaching implications for the domestic and global oil market, President Biden announced a ban on importing Russian oil, gas, and energy into the U.S. This comes as part of economic penalties for Russia's invasion of Ukraine. The U.K. is also planning to phase out the import of Russian oil and oil products by the end of 2022. If these bans go into effect, they will cut America's annual supply of oil and refined products by 8%, with crude falling 3%. The move would drag down overall oil supply by 8% and diesel by 18% in Britain. Russia is the world's third-largest oil producer, so this news is sure to send shockwaves through the industry.
Can we expect the price of oil to continue to rise in 2022?
U.S. oil moved above $90 on Thursday for the first time since 2014, reaching an eight-year high. Many people are wondering why this is happening and what it could mean for the future. In this blog post, we will look at why oil prices have been on the rise and discuss some of the factors contributing to the continued increase in prices.
How will the expiration of Tax Code Chapter 313 affect Texas?
With Texas Tax Code Chapter 313 set to expire at the end of 2022, the loss of this tax incentive has everyone asking how this change will affect Texas long-term if lawmakers propose no solution when they reconvene the next regular session in 2023. As we look ahead, the loss of this lucrative tax incentive could significantly impact businesses considering relocating within Texas’ borders and those debating moving out of state. Read more to identify what Texas Tax Code Chapter 313 is and its effect on Texas.
Your Ultimate Guide to Business Personal Property Taxes in Texas
As a business owner in the State of Texas, by law, you are required to report to your county appraisal district all personal property used in your business, known as Business Personal Property Tax or BPPT for short. It's essential to be aware of your Business Personal Property Tax as this tax applies to all property used in the production of income, not used in trade or profession. The tax is assessed on any tangible property, including machinery, furniture, fixtures, inventory, and vehicles. There are exemptions available for certain types of property and some circumstances where no tax will apply. Learn about what this tax entails so you don't get caught off guard when it comes time to file your taxes!
Oil benchmark is up 200% and prices are on the rise, but for how long?
Entering 2020, the trading price of oil was above $60 a barrel, and it was business as usual. The impact of COVID-19 took a toll, causing oil to fall below $0 for the first time in history at the end of April. Today prices have begun to recover. The quarter closed around $40, mainly due to the reopening and loosening of restrictions on lock-downs. This is far below the more than $60 it fetched at the beginning of the year.
Positive News on the Ongoing Global Glut
People are starting to commute and travel once again, as more than half of the United States have begun lifting their stay-at-home orders. The demand for oil is slowly starting to rise with international crude oil prices now rebounding by about 50% just in the past few weeks, according to Bloomberg. Here are a few more positive notes on the ongoing global gut.
Global Oil Forecasts
Crude oil has been trending in the news for weeks now. The corona virus's ongoing global pandemic has profits in the petroleum industry dropping and storage units filling rapidly. People are now starting to wonder, what's next for the petroleum industry, and how will this affect the economy, long-term?
What We Know on the Global Crude Oil Glut
As profits in the petroleum industry take a plunge due to the ongoing global pandemic caused by the coronavirus, oil depots are being flooded with overflowing masses of crude oil that is now needing to be stored. The U.S. Energy Information Administration (EIA) reported that tank farms that store the crude oil are filling up, and fast. With so much crude oil continuing to build.
How COVID-19 has continued to affect the Big Oil Industry
With the ongoing global pandemic, profits in the crude oil and energy market have dropped exponentially. COVID-19 has affected the prices of oil all over the world, with most big oil companies taking tremendous hits. With Q1 & Q2 taking such devastating blows, only time will tell just how Q3 will be impacted. Here are a few things you can expect.
TXOGA Sets New Record in Highest Taxes and State Royalities Paid
This just in: According to a press release issued by The Texas Oil & Gas Association, the Texas Oil and Natural Gas Industry set a new record just by paying their state and local taxes and state royalties last year!
Changes to Property Value Appraisals in Travis County, Texas Have Officially Been Made
Property value appraisals in Texas just got a little more complex, at least in Travis county that is. A new process at Travis Central Appraisal District (TCAD) has been adopted which first resulted in cutting off all in-person communications between property owners and staff appraisers.
Property Owners Beware: You Could Be in Risk of Property Tax Foreclosure and Government-Sanctioned Theft
The Michigan Supreme Court has a tough call to make involving property tax foreclosures and the amount of money the government can legally “take'' from you. According to the Michigan Department of Treasury, Michigan counties can foreclose on homes after property taxes are delinquent for three years. This means that if you are a property owner and are behind on your property tax payments, you can be at risk of having your property foreclosed and a lawful taking, or an attorney, Christina Martin calls it: “government-sanctioned theft.”
Texas Becomes Latest State to Discuss Abolishing Business Personal Property Tax Liabilities
Property tax liabilities have been a trending topic for many years, but lately, BPP has taken an incline. If you’re unfamiliar with “BPP”, or Business Personal Property, it is a tax on the value of a business’s inventory and equipment. With the recent property tax liability reform of SB2 and HB3, questions arise of whether or not Texas will jump on board to make changes to BPP tax liabilities?
J. Joseph Social at Le Colonial in Houston, Texas 2019
At J. Joseph it’s not just about metrics and savings, it’s about relationships. Thank you to those who braved the storm and attend our Houston social.