The History of The Texas Property TaxBack Program
The idea of using the deferred homestead property taxes was first conceived by Robert Ehlers, a long time life insurance agent since 1955. In January 1994, Robert began to research how the deferral dollars could be used. Robert went looking for a place that one could put those deferred property tax dollars that would cover the amount of deferred taxes plus the accrued interest and have a little something extra. After reviewing all the different places that one could put these deferred tax dollars, only one place that could assure the homestead owner that the deferred taxes and interest would be paid as well as something extra. That one place was Life Insurance and that something extra was the income tax free death benefit payable to the one's that the homestead owner loves. Thus, the evolution of The Texas Property TaxBack™ Program.
The Missing Ingredient : Why Life Insurance?
Life insurance may provide a benefit of 25 to 50 times the amount of your annual property tax. By using the proper Second to Die life insurance products, you can afford the premiums and in most cases you will be eligible for life insurance, even if you and/or your spouse have had some health problems. It can build cash value for emergencies. Benefits are paid directly to your named beneficiary.
It does not go through probate. (Please refer to the "Notice" tab)