HOW TO HANDLE YOUR PROPERTY TAXES IF YOU KEEP YOUR MINERALS IN TEXAS AND KANSAS
Pay property taxes promptly to avoid late fees and double payment confusion, as they will keep mailing you bills until you pay them and the amount owed changes, and you wont know if you’ve paid or not. So pay them in the month you get them if you can, but for sure before the end of the year. Be sure and put a SASE in with the payment in order to get a receipt, copies of which you may be required to provide to lenders or if the payment does not get booked. I make the first batch right before Thanksgiving, and then the rest right before the end of the year. Don’t wait to pay Kansas, they are due a few weeks after they are mailed: pay them right away.
What will the taxes be? Roughly, you will need around half to three quarters of a month’s income for property taxes. Roughly, and slightly higher in Kansas.