It would be a colossal mistake not to take into consideration your property taxes when selling my house quickly in Houston, Texas. Residents here love buying and selling real estate because they know they are not required by state laws to factor in income tax. However, that doesn’t mean that you’re completely off the hook. You still have federal taxes to worry about. Today, We Buy Fast Houston Houses will take a closer look at property taxes that a home seller may be compelled to pay during a sale.
Property taxes to consider when selling my home fast in Houston, Texas
Capital Gains
Any real estate expert in Houston, Texas, will tell you capital gains always play a part in the sale of my house. The capital gains taxes is the kind of tax that you’ll be forced to pay should you profit from the sale of my home. And this doesn’t just apply to houses in Houston, Texas. We’re talking about any kind of property or possession that you’ve owned for more than a year. If you sell it and profit from the sale, you have to pay the tax because it will now be treated as a commercial transaction. There’s no other way around it.
It’s prudent that we also let you know that the capital gains are of two kinds. We have the short-term and long-term capital gains. The short-term gains will apply to those who have owned my house for less than a year while the long-term gains are applicable to those who’ve owned properties longer.
Property taxes
It’s virtually impossible to avoid paying property taxes if you own my house in Houston, Texas. And unfortunately, Texas is not a cheap state. what that means is, you might have to pay more than what someone with the same house would pay in a different state.
According to various real estate sites, a homeowner in Houston, Texas, pays an average of $3,000 in property taxes, and that’s makes it the 5th highest total in America. In fact, it’s even higher than the average American tax bill.
You’ll be responsible for my home’s tax until the day you decide to list it. Of course, the laws might change any time but if you’re planning to sell the conventional way, you should factor that in your closing.
Avoid taxes altogether
Now that you know everything there is to know about taxes, you must be thinking about ways of selling my house fast in Houston, Texas. And you’re smart because that’s the only way you can avoid real estate taxes here.
You can sell my home through a real estate agent or to a can investor such as We Buy Fast Houston Houses. Selling through an agent will definitely cost you time and a lot of money. Selling to a cash buyer, on the other hand, will be fast and smooth.
If you wish to learn more about our home buying process, just call We Buy Fast Houston Houses. There’s no consultation fee, and no one will pressure you to sign any contract.