Wednesday, 10 June 2009 00:59
Limitation on Appraised Value of Residence Homestead
More information may be found on www.comptroller.texas.gov
Personal income tax
- Texas residents enjoy no personal state income tax.
Personal and real property taxes
- Texas does not have a state property tax.
- Local taxing units (counties, cities and school districts) assess and collect property taxes on all real and income-producing tangible personal property not exempt by state or federal law.
- Total tax rates vary from location to location and may change from year to year.
- The average aggregate tax rate often cited in publications about property taxes in Texas is $2.50 per $100 of property value.
- A residential homestead exemption is available for all, with a greater exemption for taxpayers 65 and older or disabled. Applicants need to file Form 50-114 (download from Comptroller website) Application for Residential Homestead Exemption. Residents need to file this application between January 1 and no later than April 30.
- Summary of Property Tax Exemptions
- If you have additional questions, you may contact the Property Tax Division at (800) 252-9121.
Intangible personal property taxes
- Texas does not tax intangible property such as stocks, bank accounts or certificates of deposit.
Inheritance and estate taxes
- There is no inheritance and limited Texas estate tax related to federal estate tax collection.
For more information, contact the Texas Comptroller of Public Accounts at (800) 252-5555 or at the Web site.
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