Whoa ..... TX property tax is a killer! 2.6%? Well i guess with no state income tax, it all evens out. The initial tax bill is for the purchase price or cost to build. How do they calcualte tax for the following years? Appraised/Assessed value?
Big state big tax
- Thread starter donwon
- Start date
Texas Taxes
Hey donwon! I'm no expert, but here's what I know...
The local appraisal district determines the value of the property January 1 each year. You'll be notified of the new assessed value in the spring. If you disagree with the value, this is when you protest. In the fall, you'll get a bill for the tax which is due in January (of the following year). You may qualify for some exemptions (homestead being the main one) which would lower the assessed value, and therefore, the tax due.
Where I live, values are adjusted annually. I understand that others area may adjust every two or more years, though. The value is supposed to represent what the property would sell for on the first of the year.
If you have a new construction where construction has not started or is mostly incomplete by the first of the year, your assessed value will essentially be the value of the land. In my case, the land value is a small fraction of improved value, so my first year taxes were nearly nothing. Enjoy it while you can.
More info: http://www.cpa.state.tx.us/taxinfo/proptax/proptax.html
Hey donwon! I'm no expert, but here's what I know...
The local appraisal district determines the value of the property January 1 each year. You'll be notified of the new assessed value in the spring. If you disagree with the value, this is when you protest. In the fall, you'll get a bill for the tax which is due in January (of the following year). You may qualify for some exemptions (homestead being the main one) which would lower the assessed value, and therefore, the tax due.
Where I live, values are adjusted annually. I understand that others area may adjust every two or more years, though. The value is supposed to represent what the property would sell for on the first of the year.
If you have a new construction where construction has not started or is mostly incomplete by the first of the year, your assessed value will essentially be the value of the land. In my case, the land value is a small fraction of improved value, so my first year taxes were nearly nothing. Enjoy it while you can.
More info: http://www.cpa.state.tx.us/taxinfo/proptax/proptax.html
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Yo Ojas,
Thanks for your input. That makes sense. It alot different (and cheaper ) over here, but I guess I'll have to get used to it.
Thanks for your input. That makes sense. It alot different (and cheaper
) over here, but I guess I'll have to get used to it.Similar threads
