|
Calculations
In September of each year, the governing bodies of the local taxing units decide what services they will provide and how much money they will need. They adopt the unit budget and set the tax rate for the year that will provide the needed revenue.
Taxing units also have the authority to allow partial exemptions. These exemptions reduce the taxable value of qualifying properties. The General Residential Homestead, Over-65 and Disability Exemptions are partial exemptions which can be granted on your principal place of residence. They can only be claimed on one piece of property in the state of Texas.
Taxes are calculated by subtracting the value of any exemptions, and if applicable, the cap value from the homestead value of the property and then adding any productivity or non-qualifying value. This result, the taxable value, is then multiplied by the tax rate per $100. The answer is then divided by 100 to arrive at the tax amount for the taxing unit. This process is repeated for each taxing unit.
If a unit has a limitation of taxes for the elderly or disabled, the calculated amount is compared to the limitation amount and the tax is the lower of the two figures
Delinquent Tax Collection Rates
The following schedule provides penalty and interest rates for use in calculating the total amount of penalty and interest due on delinquent tax bills. The rates in this schedule do not apply to taxes paid in quarter payments, or to delinquent taxes in years where a successful rollback election was held. Value or exemption changes by the appraisal district may postpone the delinquency date.
Accounts not under the split or quarter pay option will effectively become delinquent on February 1st of the following year the taxes were imposed and will increase as follows:
IF TAX IS PAID IN (MONTH) ADD PENALTY + INTEREST = TOTAL PERCENTAGE
February 6% + 1% = 7%
March 7% + 2% = 9%
April 8% + 3% = 11%
May 9% + 4% = 13%
June 10% + 5% = 15%
July 12% + 6% = 18%
Accounts not paid in full by June 30th of the year in which they become delinquent are referred to the delinquent tax attorneys for collection and incur an additional penalty equal to 15% - 20% of the total taxes, penalties and interest due. Any payment on the quarter payment plan that is not paid before the delinquency date for the installment accrues full penalty of 6% immediately, and begins to accrue interest at the rate of 1% per month until paid. | 
