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Non-Cattle Specific Topics
Coffee Shop
In Texas; Is the sale price of land or personal property public knowledge?
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<blockquote data-quote="callmefence" data-source="post: 1648489" data-attributes="member: 24947"><p>I don't think so. Pretty sure it's private info in Texas. Local property taxes are figured off county appraisal with nothing to do with sale price. Deed transfer is a fixed rate with no relation to sale price.</p><p>Fwiw most counties no longer require a bill of sale on private automobile transfer. Just a filled out title. Since they no longer tax the transaction on sale price but on blue book value. They don't care how good a deal you got, you'll be taxed on what they think it's worth. </p><p></p><p>The IRS will need to know if money changed hand's. </p><p></p><p>If you gift land with your house on it to your kids it will immediately lose your grandfathered senior tax rate, expect a huge increase in property tax.</p><p></p><p>My two cents with a little experience.</p></blockquote><p></p>
[QUOTE="callmefence, post: 1648489, member: 24947"] I don't think so. Pretty sure it's private info in Texas. Local property taxes are figured off county appraisal with nothing to do with sale price. Deed transfer is a fixed rate with no relation to sale price. Fwiw most counties no longer require a bill of sale on private automobile transfer. Just a filled out title. Since they no longer tax the transaction on sale price but on blue book value. They don't care how good a deal you got, you'll be taxed on what they think it's worth. The IRS will need to know if money changed hand's. If you gift land with your house on it to your kids it will immediately lose your grandfathered senior tax rate, expect a huge increase in property tax. My two cents with a little experience. [/QUOTE]
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In Texas; Is the sale price of land or personal property public knowledge?
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