Residential property taxes in Texas are based on annual appraised values. County appraisal districts complete the appraisals at the start of every year. Appraisal review board hearings contesting the appraisals begin in May. Property tax bills in Texas arrive at the beginning of October. Then, they’re due by January 31 the next year.
Texas offers some exemptions that lower property taxes. For example, the Homestead Exemption is equal to $15,000. It’s available to homeowners in their primary residences. So, if your house gets appraised at $150,000, your school district tax rate would only apply to $135,000 of the house’s value. People older than 64 or disabled can take an additional $10,000 exemption. So, a 65-year-old in their primary residence on a home valued at $150,000 would pay a school district rate on only $125,000 of the value of the home.
Property tax rates in Texas are calculated annually based on the total property value and total revenue needed. They usually don’t change very much from year-to-year. In Midland, Texas, the percentage levied on each home’s appraised value was set at 1.39 percent.
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