BONDS & PROPERTY TAX ELECTIONS
Texas has no state income tax. Local governments set tax rates and collect property taxes that they use to provide local services including schools, streets, roads, fresh water supply, police, fire protection, and more.
WHEN A BOND ELECTION IS PUT FORTH TO THE VOTERS, WE WILL LIST THEM HERE.
Scroll down for tax resources; tips and tricks to lowering property taxes; and other FAQ's.
Other TAX-related Resources:
Lowering Property Taxes in Texas: Tips and Tricks
What is a Homestead Tax Exemption in Texas?
Will property taxes go down in 2023?
Senate Bill 2 (Bettencourt/Meyer) provides property tax relief through tax rate compression, an increase in the homestead exemption, and a pilot project limiting the growth in appraised values. For tax year 2023, this will save the average Texas homestead owner over $1,200.
There is a Texas State Constitutional Amendment (Proposition 4 - HJR 2) to vote on in November 2023 regarding this bill.
How is property taxes calculated in Texas?
Texas levies property taxes as a percentage of each home's appraised value. So, for example, if your total tax rate is 1.5%, and your home value is $100,000, you will owe $1,500 in annual property taxes.
Are property taxes based on market value or appraised value in Texas?
Generally, all property must be taxed based on its current market value. That's the price it would sell for when both buyer and seller seek the best price and neither is under pressure to buy or sell.
How is property value calculated in Texas?
In a mass appraisal, the appraisal district then classifies properties using a variety of factors, such as size, use, construction type, age and location. Using data from recent property sales, the appraisal district appraises the value of typical properties in each class.
Does the Homestead Tax Exemption save me money?
What are the qualifications for Homestead Tax Exemption in Texas?
Do I have to apply for Homestead Tax Ememption every year?
Is there a cap on how much property taxes can increase in Texas?
Voters in Texas adopted a statewide 10% appraisal cap in 1997.
Is there a limit on how much property taxes can increase in Texas?
The 10% increase is cumulative. Therefore, the maximum increase is 10% times the number of years since the property was last appraised. The 10% limitation on a Texas homestead is effective January 1st of the tax year following the first tax year the owner qualifies the property for a homestead exemption.
Why are property taxes in Texas so high?
Property taxes in Texas are so high because that's the price we pay for not having a personal income tax in this state. State tax systems are usually looked at as a three-legged stool — one leg is property tax, the second leg is sales tax, and the third leg is the personal income tax.
Who is exempt from paying property taxes in Texas?
The Residence Homestead, Tax Code Section 11.13, is by far the most common property tax exemption in Texas and covers the following exemptions: General Residence Homestead. Age 65 or Older or Disabled. Manufactured and Cooperative Housing.
How often are property taxes assessed in Texas?
The assessment date for all property tax in Texas, regardless of property type, is January 1, each year.
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