How Are Property Taxes Calculated In Texas?

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Tax Ease knows the challenges that many Texans face when property taxes are due. We’ve been committed to helping tens of thousands of people across the state overcome those difficulties so they can get back to living life as they know it. We’re here to help. So, if you’re looking for Texas property tax lien loans that put your needs first, you’ve come to the right place.

If you’re new to the world of property taxes, or never really understood how they work or why you need to pay them, we’re going to break it down for you. We’re also going to cover how property taxes are calculated in Texas. So, keep reading to learn a few things about property taxes and find out how you can get assistance when your property taxes are delinquent.

What’s The Point Of Texas Property Taxes?

Many might think property taxes are mandated by the State of Texas. They’re actually not. As you know by now, Texas has no individual income tax. The State’s tax revenues mostly come from sales taxes and business taxes. When it comes to property taxes, they’re collected at the local level and are a major source of city or county funding. The taxes collected each year help pay for costs that stem from public services, education, city and county maintenance, and local government and municipal administrators. Even though it can be tough to cover property taxes, they’re very vital to a city’s or county’s growth.

How The Amount You Pay is Determined

Property taxes aren’t based on a scale and they’re not just randomly generated. They have a lot to do with how much your residential property or commercial property is worth. The value of your property is determined through an assessment. Some assessments are done yearly, while others are done every five years. During this process, a representative from your local tax accessor’s office will estimate the market value of your property.

One method for determining value is to simply compare your property to other ones that have recently sold in the neighborhood. The tax assessor will also factor in things that can increase or decrease in value, like recent updates to your property, neighborhood revitalization or a need for major repairs.

Another way that an assessor might arrive at your property’s value is by determining what it would cost if your home was rebuilt from the ground up. The assessor will then take into account depreciation of your home or business and fold in how much your land is worth.

The last method for determining property value usually comes into play for commercial properties and businesses. This valuation is based on the amount of income the property would generate if it were rented out and the costs associated with maintenance, insurance and current rental amounts.

What Happens When Your Property Taxes Are Delinquent?

Once you miss your payment deadline, you’ll start being charged interest on your tax account. Interest will be charged monthly from then on. Some local tax authorities charge penalty fees on top of that interest. And to make matters worse, some local governments publish delinquent tax notices in the paper. When you’re having a rough time, the last thing you want is everyone knowing what’s going on.

After that, a property tax lien will be placed on your home and recorded with the county recorder. Property tax liens tend to have higher priorities over other liens and the effects of them are major. One of the effects—you won’t be able to sell your home until your taxes are paid in full. And even if you could, a buyer wouldn’t be able to secure a clear title to your home until the tax debt is paid and the lien is lifted. It can be a major mess all around.

How Tax Lien Loans Can Help

If you need property tax help in Texas, one solution that can alleviate the stress or potential embarrassment that stems from tax debt is a loan from Tax Ease. Our tax lien loans are designed to help stop the fees and interest from piling up and make it easier for you to pay off what you owe. You might think that the process for securing one will be a major hassle. We suggest you think again. You could be on the road to financial recovery in five easy step property tax loan process. Start the application process today, and we could be paying your property tax loan off before you know it.

Late On Your Property Taxes? Tax Ease Is Here For You

Unlike other property tax loan providers, Tax Ease puts you first. Our goal is to help you maintain your livelihood so you can handle the things that matter most in life. We’ll work with you every step of the way—from the application process to the development of the loan terms. We’ll even deliver the paperwork to you regardless of where you are in Texas. To learn more about our residential and commercial tax lien loans, contact us today.

 

2019-08-14T19:25:18+00:00 June 7th, 2019|Commercial Property Tax, Residential Property Tax|