How Texas Assesses Property Taxes

If you own property in Texas, the state will charge you a tax on the land and everything on that land. They assess taxes on January 1st for the year. But the methods with which they calculate the amount due are in question. Many people rightly demand to know how the state government calculates the tax on each piece of property correctly. There is a handy tool that will help you to accurately estimate the correct tax amount of your property. You need to know the value assessed on your home, land and any other buildings or improvements. This amount is not what you paid for your land and home, it’s based on what value the assessor says they have currently.

Add together the values of your house and land. This will give you a total figure that will make your calculations more easy to determine. Have in mind the exemptions that you are already qualified to deduct from the assessed value of your property. Every tax unit will allow different exemptions. Then determine the levy rates or the estimated levy rates for the current year.

Next, you need to multiply the amount you were assessed minus your exemptions for the unit of the city, and then multiply that by the city’s official tax rate percentage. Also, you need to continue calculating each unit as being separate from the rest. Then add up all of your unit’s amounts that are taxable. This will give you the amount due or the estimated amount due for the current tax year.

Always keep in mind that the estimation of property tax sent out at the beginning of every year is only an estimate. Your property values will remain the name, however, unless you dispute them. Tax rates are not normally finalized until closer to the end of the current year.

If you wish to appeal your tax bill, you should know that most appeals of property taxes are successful. The property value can’t be increased at your informal meeting, so you don’t have anything to lose. Most disputed accounts are settled at the informal meeting. The appraisal district almost never retaliates against homeowners who appeal their property taxes.

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