Houston property tax – Know more about it!
In the US state of Texas, Houston is the most populous city. Thus, the real estate market of this city has boomed within the last few decades. Hence, real estate property owners, buyers and business houses must acquire knowledge of the property tax rules of this city. Rules of Houston Property Tax have been created by the State Authority considering a lot of factors. International tax consultants in Toronto gathers important information about property tax rates of Texas and other associated details.
A simple overview
The average property tax rate of Texas is very much high compared to those of the other states of the nation. The average effective property tax rate in Harris County is about 2.09%. This rate is nearly double than the national average rate of 1.08%. But, it is also true that not all residents of Harris County pay property taxes at a single rate. For example, in Houston, the average effective property tax rate is 1.89%, whereas, in La Porte, this rate is 2.17%.
In Texas, the median home value is $151,500, whereas, the median property tax payment amount is $2,755. It has been found that median home value in Houston is $149,000 which is very much close to the state’s average. Also, in Houston, the median property tax payment amount is $2,816. These indicate that real estate investors and the tax department are reaping well-deserved benefits satisfactorily.
Glimpses of some tax rules
In Harris County, the property tax rates are set by the Commissioners Court and the tax payment amount of each resident is calculated on the basis of property appraisals. Houston and each individual district take responsibility in assessing the value of real estate properties.
By earning some specific eligibility, you can qualify for tax breaks, various exemptions and special tax programs. Active military members enjoy the state’s tax deferral program. It must be mentioned that there are several other exemptions for real estate owners who are disabled individuals, disabled veterans and age more than 64 years. If these disabled owners and senior citizens qualify for a tax deferral program, they can postpone their property tax payments. But, if they settle in any other location other than their residences, they have to pay the taxes within a 180-day period.
Tax bills and payment methods
Property tax bills are sent to the residents at the end of the tax year. If you don’t receive that bill within mid-December, contact the county office. You can make a single payment or can go for monthly instalments. The due date ends on 31st January. If you fail to pay within that date, a penalty and a certain amount of interest may be imposed on your bill.
As the Accounting & Tax is considered as a reputed tax consultation service in Toronto, our experts can provide more details on various tax rules of Houston to you in a simplified manner.
