Property Taxes – Are they on the rise?

Are you curious about the amount you pay in property taxes, if or when your taxes will increase and how value is assessed?  Here’s some information about property taxes in Dallas County, Texas.  If you live outside of Dallas County, I recommend consulting with your local tax appraisal district for procedures in your area.

In Dallas County, the taxable value of a property is evaluated at least every 3-years or as the market changes.   The assessed value may change for various reasons, including but not limited too, changes in the structure including square footage or improvements or changes in the market value due to recent sales.

“Can they increase the tax rate any amount?” you ask!  If your property is a homestead (meaning you live in the property that you own), there may be a cap of no more than a 10% increase per Section 23.23 of the Texas Property Code.  However, please refer to http://www.dallascad.org/FaqEstVal.aspx to view some of the limitations on this cap.

Finally, don’t forget about some of the available exemptions that lower your property taxes.  The most common is the homestead exemptions, however, there are others that allow senior citizens to claim a special exemption as well as certain exemption in areas designated as historic.   Visit your local tax assessors website for more information.