We all know taxes can be a headache. Tax rates, deadlines, exemptions, where do you start? Here are some tips on calculating taxes to make taxes a little easier this year specific to Harris County.
Property market value: Estimated worth or price at which a property can be bought or in the Texas real estate market.
Property appraised value: Assessed or estimated value a property, as determined by a professional property appraiser or by the local county appraisal district
Factors of Appraisal Price:
- Location of residence
- Condition of home
- Size of home
- Recent Sales of Similar Homes
How to Protest Appraised Value:
You will receive your “Notice of Appraised Value” in spring. The deadline for protesting your home’s appraised value is May 15thor 30 days after receiving notice. your complaint with Harris County Appraisal District (HCAD)
After appraisal set, local entities such as school districts, cities and municipal utility districts (MUDS) set their tax rates. Expect bill between the end of October or late December and be sure to pay the bill by the end of January. You can find a list of Harris County MUDS here.
Tax Bill Formula
To calculate your tax rate, take your home appraised value (minus applicable exemptions) and divide by 100, then multiply the result by the tax rate for the taxing entity/entities. This result should be your bill for the current calendar year, due by January 31. See video for example.
Texas Exemptions:
Homestead exemptions: If your district has a homestead exemption, A property owner who acquires property after Jan. 1 may receive the residence homestead exemption for the applicable portion of that tax year immediately on qualification of the exemption if the previous owner did not receive the same exemption for the tax year. The property owner must occupy the property as the owner’s primary residence and the residence homestead exemption cannot be claimed by the property owner on any other property.
65 exemptions: A homeowner who turns age 65 or who becomes disabled during a tax year will qualify immediately for those exemptions, as if the homeowner qualified on Jan. 1 of the tax year. A surviving spouse if the spouse dies in the year that he or she reaches age 65. A disabled veteran or their surviving spouse whose home was donated by a charitable organization, the surviving spouse of a U.S. armed services member killed or fatally injured in the line of duty and the surviving spouse of a first responder killed or fatally injured in the line of duty also qualify immediately for those exemptions, as if they qualified on Jan. 1 of the tax year.
You can find a full list of exemptions here
For more videos for Harris County Appraisal District, click here
Doing your taxes can be easy this year. You don’t have to do it alone. There are many resources available to you as a home or property owner. Contact HCAD for more information regarding taxes and appraisal value.