Located in Historic Downtown McKinney

Monday, May 29, 2006

No sleep and taxes

It is 4:30 am, and I am unable to sleep. I drove by Adriatica today and saw that the stonework on the Keller Williams building is making slow progress. My prior pictures showed the slabs of stone that was being put on the lower portion of the walls. Today the upper portion is having small cobblestones applied. For those who are interested, it appears that the Texas Legislature has approved the school tax reform bill. What does this mean to the Texas property owner? Well, for the 2006 tax property tax bill, the school districts will lower the tax rate by 13 cents per dollar. In 2007, the rate will be dropped by an additional 37 cents. The 50 cent decrease is being spread over two years. What you need to know is that the school districts can opt to continue to raise the tax rate regardless of this new law. The other kicker? Limited Partnerships now have to pay a franchise tax, closing a very advantageous tax loophole for business owners. Here is more detailed information on the tax situation

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