The time has come for homeowners to start receiving their Texas property tax assessment. This little document is very important when it comes to calculating your property tax bill as well as budgeting accordingly.
If you are a new homeowner and need a better understanding of your assessment or property tax consulting, this blog is for you. So let’s start with the basics first…
How Your Texas Property Taxes Are Calculated
In Texas, your property tax bill is based on the annual assessment value of your property. This also includes any exemptions you may qualify for as well as the property tax rate.
Property Tax Exemptions
The exemptions available to homeowners in Texas include:
- Residence Homestead
- Age 65 or Older or Disabled Persons
- Veterans
- Solar and Wind-Powered Energy Device
- Charitable Organizations and Businesses
If you are eligible for an exemption, you may see a decrease in the assessed value of your property which will help lower your tax bill.
Property Tax Rate
Your property tax rate is based on your property’s address. Your property rate includes payments for items like:
- Public schools
- Community colleges
- Public libraries
- Local government employee salaries
- Parks and recreation
- Sanitation
- Sewer
- Police and fire
- Roads
- Other local service and subsidiaries
Each of these items has a specific percentage rate that is then multiplied by the assessed value of your property. This then is added to your property tax bill and helps determines the portion of your tax bill.
Is Appealing Your Personal Tax Assessment in Texas an Option?
If your property tax assessment is higher than you expect or you just disagree with it, you can appeal it. While you can’t contest your tax rate, you can, however, contest the assessed value of your home. Things like your homes’ square footage and renovations can make a difference and will help in your appeals process. If you think the accessor didn’t correctly calculate these items right, it is a good idea to contact a property tax professional to help you with the property taxes appeals process.
Texas Property Tax Help from the Hegwood Group
Your property taxes are very important. However, it is not always easy to understand the steps you need to take in order to pay them or get them corrected.
At the Hegwood Group, our staff of property tax professionals has spent many, many years dealing with property tax issues. If you need help appealing your property tax assessment or need a property tax consultant on your side, contact the Hegwood Group.
