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Property Taxes in Texas

Property taxes provide the biggest funds for all local services in Texas. These taxes are used for maintaining public schools, streets, roads and recreational parks. They are also used for giving wages to policemen, nurses, fire department staff and other government employed individuals.

Though you do not have anything to do with how property taxes are used, you should still have awareness about the tax system and the rules that are followed.

  • A property tax is calculated on the value of your property. For instance, if there are two homes with a value of $1,000 and $10,000, the latter home will be charged a tax amount that is ten times greater than the former.
  • Taxation is unique and uniform, meaning that the amounts of taxes are uniform and equal. When the properties under consideration are similar, the tax amounts are the same, and when they are different, the tax amounts may not be the same but are still similar.
  • A market value can be defined as the rate at which the property can be sold off if both the seller and buyer want the best possible prices and none of them are being pressured to purchase or sell off the property. Taxes on tangible properties are calculated by considering the current market values of the properties. There are a few exceptions to this rule such as timberland and agricultural land. Lands of these sorts are valued based on the amounts of crops that are produced or the livestock that live on them. This is referred to as agricultural appraisal. Similarly, the timberland appraisal is also offered to owners who produce timber on their lands.
  • Taxes are incurred on every property until they are exempted by enforcing a state or federal rule. An exemption may exclude the complete tax amount or a certain portion of it.
  • If taxes are rapidly being increased on a specific property, the owner has a right to file a complaint against this. If this happens, the entire property will be evaluated once again, and then the next steps will be decided.
  • An appraised value is a characteristic of every property no matter what type it is. There can be exceptions, which only the Legislature can provide. Examples of this include property which is being utilized by the government, school district and any other area which lies beyond the county boundaries.

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