For nearly a decade, real estate tycoon Gene Phillips has deferred a total of $3.3 million in Dallas County, Texas property taxes, paying no property tax on his home that sits on 16 acres and neighbors George W. Bush. Phillips has been able to defer his taxes through a Texas statute that allows individuals over 65 to file a tax-deferral affidavit. Though the statute is intended to help senior citizens retain their home when making ends meet becomes difficult, there is nothing in the statute preventing wealthy senior citizens from taking advantage of the tax deferral. However, the deferral does not come without a catch, and that tax bill still exists and will become due with eight percent interest when the property is sold or on Phillips’ death.
See Eric Nicholson, Dallas Real Estate Baron Gene Phillips Hasn’t Paid Taxes on His $25 Million Estate Since 2005, Dallas Observer, Oct. 27, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
