Property Taxes Americans love to hate property taxes although local governments depend upon this levy to provide key services and programs to local residents. Discover what property taxes are used for, how to appeal property taxes/tax rates and how property taxes impact property value below.
Why do we have property taxes in Texas?
Since Texas doesn't have a state income or property tax it's not the lComptroller's office that collects the property tax or set tax rates it's the local taxing units, which use. Property taxes are local taxes that provide the largest source of money local governments use to pay for schools, streets, roads, police, fire protection and many other services.
Texas has some of the highest property taxes in the U.S. The average effective property tax rate in the Lone Star State is 1.69%, well above the national average of 1.07%.
Who collects the property taxes?
It is the duty of the Tax Assessor-Collector to assess and collect for the County all taxes imposed on property within the county and distributes the funds to the local taxing units
When are taxes due?
Property Tax Statements are mailed out in October, and are due upon receipt.
To avoid penalties pay your taxes by January 31, 2022. More information from Collin County here.
Where do I pay?
Tax Payers can pay online with an eCheck, or a Credit/Debit Card by visiting Certified Payments. You can still choose to mail in your taxes in the envelope provided with your statement.You may also review property information by visiting the Collin County Appraisal District or view the recent tax statement by using the Tax Account Lookup feature.View tax rates for cities and schools in Collin County. (other counties at end of page)
What are the two main tax exemptions I can apply for?
New Home Owner as of 2022 you do not need to wait to file for your homestead exemption, it's free and saves you money on your property tax bill at the end of the year. File Homestead Exemption Online (all counties sites listed here) http://www.collincad.org/downloads/viewdownload/13-residential-exemptions/54-residential-homestead-exemption-application
You may apply at any time during the year of your 65th birth date. You would receive the exemption for the full year. Remember Your local appraisal district will require proof of age to grant an over 65 exemption.T he amount of the exemptions that are granted by each taxing unit is subtracted from the market value of your residence and the taxes are calculated on that “lower value”. In addition, when you turn 65, you may receive a tax ceiling for your total school taxes; that is, the school taxes on you residence cannot increase as long as you own and live in that home. The ceiling is set at the amount you pay in the year that you qualify for the aged 65 or older exemption.
What is my tax based on?
Tax is based on the value of the property. For example the property tax on land valued at $10, 000 will be ten times higher than land valued at $1,000.
What are the rates and exemptions?
Click here to view this years plus previous years tax rates and exemptions. http://www.collincad.org/ccad/reports/rates_exemptions.php
Ad valorem taxes are paid at the end of the year in which they are due (they can be paid as early as October 1 or as late as January 31 of the next calendar year without penalty in most Texas counties), any closing taking place before October 1 will generally show a charge to the seller from January 1 to the closing date and a credit to the buyer for the same period. Unless negotiated otherwise, this allows the seller to pay taxes for the time that he or she actually had ownership, use and enjoyment of the property. Around October 1, tax notices will be sent to the new owners for the year. They will be expected to pay taxes (usually through their mortgage company escrow account) for the full year. Taking into account the credit that they received at closing, the new owners actually pay taxes only for the time during which they had ownership, use and enjoyment of the property. Title companies use the best information available when prorating taxes prior to October 1 (when official figures are released by the tax authorities). This best-available information is usually the tax amount paid for the prior year continue reading
Where's my e-file number? If it's blue look in the top right corner for your e-file pin this will allow you to protest online. Otherwise, you'll need to either mail or file in person.
How is my property appraised? Click here for Texas Comptroller explanation
Click link below to go to our Protest page
How Do I Get Comparable Homes? If you have been receiving our Your Neighborhood yearly updates you will already have all the sold comparable prices you need to protest.
If you haven't enrolled click here then contact Alicia to get last year's sold comparable homes sent to you! Some neighborhoods we are very active in are listed every year on their home page (clck Your Neighborhood top of this page then Neighborhood Information).
We're here to help you not just buy and sell but with everything related to home ownership!
EVERYONE should at least to do initial filing every year to protest taxes.
Collin Central Appraisal District
250 Eldorado Pkwy
McKinney, Texas 75069
In case you'd like to compare previous years....
Has the percentage used changed over the years see below and Collin county since 2005?