If you think Property Taxes are exciting raise your hand! Considering we don’t see any raised hands, we have determined we might be the only ones excited about them. But to get everyone else on our level, here is everything you need to know about property tax bills. Whether you pay property taxes personally or through your mortgage, this list will teach you everything you need to know about your Texas Property tax bill.
1. The State of Texas automatically puts a lien on your property every January 1
This is done in order to secure payment of property taxes. A delinquent property tax lien can hurt your chances of getting full market value for your property if you are considering selling.
2) Payment of the bill is due Jan 31st
Starting Feb. 1 unpaid taxes are subject to penalties or fees up to 42% of the original bill if unpaid by July 1st. Basically, tie a string on your finger or put it on your to do list. Whatever it takes to pay on time.
3) The bill is calculated based on the value of the property and the tax rates set by each taxing entity.
A typical property is taxed by several local entities. These entities could include a county, a city, a public school district, a college district, or a hospital district.
4) Unpaid property taxes may lead to foreclosures
Those home auctions you see on HGTV? Those are people, like you, who forgot to pay their property taxes on time.
5) Your government worker may forget about you
Not receiving a tax statement from your county doesn’t mean you got lucky this year. Texas law states the property owners are responsible for paying the bill even if the owner doesn’t receive it. If you do not receive a bill by Nov. 1st you should contact your local tax assessor.
An independent research organization, named Tax Foundation, found that Texas effective property tax rates for homeowners are the sixth highest in the country. For this reason alone, it’s important that you know the state’s Property Tax Laws so you can take control of your home tax situation. If you have any questions, let the pros at Home Tax Solutions be your guide.
