Tax Protest Deadline is Upon Us
The Travis County preliminary values were just released, and based on the info we’ve received the average increase in home valuations is up 5.4% despite a slowing real estate market. An increase is likely to be seen across the board in surrounding counties as well.
The 2022 protest season was very successful, and we’re now getting ready for 2023. If you have not set up your online portal with Home Tax Shield and added your credit card then your protest may not be filed. It’s very important to get these steps done as soon as possible to avoid missing the deadline. In the coming weeks we will be sending out a follow up email as well, however if you want to confirm you are set up then check your protest portal to make sure the status says “Ready to File.”
If you’d like to set up tax protests for this year please contact your property manager, and keep in mind that to get the cost structure we’ve negotiated you must sign up through us. If you’re already set up you can review your account or make changes directly in your partner portal or request a new magic link. Make sure to use the email address we have on file for you.
HVAC Costs Are on the Rise
On January 1, 2023 the EPA enacted new HVAC standards that will require Texas manufacturers to supply systems with a minimum 15 SEER rating, as opposed to the previously required 14 SEER rating. This means we will pay more for system replacements by around 30%. In 2022 an average 4-ton HVAC replacement secured through Stone Oak cost around $7,600 and that same 4-ton unit in 2023 will cost around $9,900.
While this is quite a jump, our volume pricing will keep you well below a typical retail replacement cost in 2023 up to $12,000. These numbers are a composite of multiple factors for a typical 4-ton HVAC system based on our historical quotes and invoices. Each system will vary in price based on the current system and the requirements of each property, so the prices can vary significantly.
Additionally, there is potential for another change in refrigerants for HVAC according to this article that covers both issues. Just a couple of years ago the old R-22 standard was phased out in favor of R-410. Now it is possible the EPA may mandate phasing that out in favor of a new refrigerant called A2L. This will again change the pricing for repairs and replacements as the new refrigerant is phased in, and the older R-410 gets more expensive as inventory dwindles over the phase-out period. Right now it is only speculation that this will happen, so we’ll just have to keep watch for updates. Here is a link to a more technical article about refrigerant as well.
Vacant Properties and Their Landscaping
The growing season is upon us and with your property being vacant, that means the lawn will need recurring lawn service. We will begin recurring lawn service during periods of vacancy to ensure your lawn gets the care and attention it needs. If you have any questions, please contact your property manager.
Rent Assistance
The Texas Rent Relief program reopened the applications for assistance in March, and within 28 hours they had over 100,000 applications. The program was closed in only 52 hours after they were overwhelmed and estimated that they will only be able to provide assistance to about 10% of those who were able to apply.
Nature Is Bringing Two Spectacular Shows to Central Texas!
In October 2023 and April 2024 there will be two solar events that aren’t to be missed. If you’ve never witnessed a solar eclipse then you should certainly make it a point to try to catch one, if not both of these.
In October there will be an annular solar eclipse, which is where the moon is slightly smaller than the sun thus creating a “ring of fire” at the peak of the event. This link provides more info about the October event along with a map of the path. In April 2024 there will be a full solar eclipse, and here is a link to the event info and path. If you’re going to try to watch one or both of these we strongly suggest going to a location as close to the center of the path as possible to enjoy the best, and longest view. Make sure to track the weather around that time to see where the best place to go will be for clear skies. Here is another link to some info about these events, and there is a lot of info out there as Central Texas gears up for these. Both of these events will have peak viewing near Austin as long as the weather cooperates but the path is very long for both of them if you’re in a different part of the US. Over the next several months we’ll be providing solar eclipse viewing glasses to all new tenants as part of their move-in welcome gift, and we’re making them available for pickup to our current tenants and clients. If you’re interested in getting some glasses please check in with your property manager so we can arrange for you to pick some up.
Reminders:
Maintenance Approval Process Changes
In addition to the info below about funding repairs, we want to notify all owners that we are modifying our escalation process when we can’t reach our clients in order to make sure we are complying with property code requirements. In bonafide emergencies, we are acting within our authority to mitigate damages, however after it has been contained or in non-emergency situations we reach out to our clients for work authorization that is required above the limit set in the management agreement. In those cases, we now have a strict process going into effect that will have a time-based escalation if we cannot reach you. The time frame will be that if we can’t reach you by the 3rd day from when we first reached out we will then reach out to your emergency contact who can aid us in getting authorization or contacting you. If you’d like to update your emergency contact details, we have on file please contact your property manager. Keep in mind that this contact should be someone outside of your immediate household who you trust to make decisions on your behalf if you cannot be reached by them or us.
Funding Make-Readies & Maintenance for Your Property
Please note that it is Stone Oak's policy that the owner has reserve funding on hand with Stone Oak to help us commence work faster when it comes to make-readies and maintenance on your property. Stone Oak cannot perform maintenance without first receiving authorization and funding, which can slow down the turn-around times of our vendors and their availability in this market. This can also potentially create a negative experience that tenants will remember when it comes time to renew, and we always want to avoid turning over the tenants. Any time we request authorization for work on your property, the best practice is to immediately fund your account when you provide written authorization to move forward. This is as simple as going into your owner portal and using ACH for a free transfer, or if you prefer a credit card the processor charges a fee as part of the transaction.
Keep in mind that tenant charges on your account are not considered an offset to this amount as we keep a strict accounting system for both our and our client's benefits. Any tenant chargeable items will be posted to their account, and once they are paid it is immediately credited to your account. If you have any questions about this reserve amount held with Stone Oak please contact your property manager.
