Recent Changes To Your Texas Property Taxes You Should Know About
We have all seen what seems like more than our share of challenges this year with inflation escalating to a 40 year high in June of 9.1 percent; increases in the mortgage interest from near 2% to more than 7% for the same 30-year fixed rate mortgage. Let’s not forget the increase in gasoline of more than 35% and food of more than 10%. Are there any breaks out there?
If you are new to Texas and you feel your property taxes are high we remind you that Texas has no personal or corporate income tax which continues to make our State one of the most attractive to business, retirees and families. Therefore, the revenue needed for government to provide police, fire, roads and other services is generated through personal and commercial property taxes.
Yes, there are some breaks headed your way, at least there is if you’re a homeowner in the State of Texas. In the 2022 87th Legislative Session the legislature passed some landmark property tax relief bills that will materially help homeowners. The two most notable property tax law changes affecting homeowners made in this session are:
- Senate Bill 1 increased the existing ‘mandatory’ homestead exemption on school district taxes from $25,000 to $40,000; and
- Senate Bill 8 allows an individual who acquires property after January 1 of a tax year to receive a residence homestead property tax exemption on the property for the applicable portion of the tax year in which the individual qualified.
These changes are in addition to the existing exemptions that are available for qualified homeowners. All homeowners qualify for the homestead exemption; however, application MUST BE made in order to receive it. See our webpage at Property Tax Exemptions for information on nine possible exemptions you may qualify to receive as well as the contact information for your County Appraisal District.
We strongly encourage seniors (65+) to take note of the additional property tax exemptions that are available and vary between cities and counties. Use the link above to review possible exemptions and then at the bottom of the page find your County Appraisal District contact information and inquire about the latest information and qualification for exemptions you believe you may be qualified to receive.
- Some districts have special exemptions for:
- Seniors (65 and older) additional exemption from school tax,
- Disabled persons,
- Veterans and disabled veterans and surviving spouses of first responders and military service members who were killed or fatally injured in the line of duty.
Some cities, like Plano, offer a deferment of all property and school tax for life for homeowners over the age of 65; however, it is held in abeyance and will be due and payable on the death of the property owner or surviving spouse. These exemptions may have different deadlines for application so it is wise to check with the appraisal district in your city and county as soon as possible so you don’t miss a hard deadline.
2023 Tax Bills Mailed Out In October
Your 2023 tax bill is quite likely in the mail and should be received at the mailing address on record with the County Appraisal District which is typically the residence. If you do not receive your tax bill by early December it is strongly recommended you call or visit your county appraisal district. You may also be able to check your tax bill online at the appraisal district website. See the link to our webpage above on Property Tax Exemptions to find the contact information for your County Appraisal District. The property tax bill is due and payable as of January 1. The deadline to pay your property tax bill is January 31 every year. It is considered Past Due and subject to penalties and interest charges if not paid by then.
The opportunity to appeal your property assessment and other statutory deadlines that are worth knowing are provided for you on How To Protest Your Property Taxes. The time for this is between April 30 and May 30, a 30-day period as discussed in this link.
For more information check out our web page at DFW Property Taxes or fill out the contact information below. Your first step in managing your property taxes is to be informed and to know the market value of your home. With the residential real estate market shifting you should make sure that your home has not been over-valued. Check the market value of your home here or if you intend to appeal your property taxes in the Spring fill out the Contact Us below and check the box "What's My Home Worth?" and we will contact your regarding a Comparative Market Analysis (CMA).
What's All This Talk About A Recession?