Right now, property tax rates are being decided by local taxing authorities. It looks like some of them will leave your tax rate flat compared to last year.
In some cases, tax rates will go down this time. That may be welcome news.
But don’t celebrate just yet.
Remember the tax rate is just part of the equation. Even if it shrinks a little, it still must be multiplied by your taxable value to help formulate your eventual property tax bill. Those property values got significantly larger this year for many property owners.
Appraisals went out just before summer. But now, the appeals process has ended for people who protested their valuations. So, the numbers are mostly set.
In the four biggest counties in North Texas, the total value has gone up 6 to 7%, according to data provided by their respective central appraisal districts:
- Dallas County: +6.13%
- Collin County: +6.62%
- Denton County: +6.67%
- Tarrant County: +6.67%
Those higher property values mean that many residents may have higher property tax bills this year. The only way to prevent that, at this point, would be for taxing authorities like cities and counties, school, hospital, and water districts to cut their tax rates -- probably much further than many of them are now considering.
And renters, before you get too relieved that you don’t pay property taxes, know that your landlord does. An increased property tax burden may be one of the reasons your rent keeps going up.