Katy Family Homes Tax Information
Katy, Texas is located at the intersection of three counties. They are Harris, Fort Bend and Waller counties and each of these three counties have County Appraisal Districts (CADs) that assess the value of land and property in their corresponding county. Each county comes out once a year during the spring and assess the value of homes and land in that county for taxation purpose that year. This assessed value is the amount in which each residence bases their taxes upon for that given year. Do not get confused! This value is not necessarily the value a resident can sell their home for if they decided to sell. It is, instead, the value that a resident will pay taxes on for that home during that year. So, often times, one will see tax assessments at lower amounts than a home in on the market for, or that a home has sold for or even appraised for in the real estate market. This is common. In other words, residents want this county tax assessment to be as low as they can get it so that it will save them money on taxes. It is also worth stating that as one looks for homes in the Houston area, they can go to the CAD for a particular home and see what the tax assessment is for that year and easily calculate what the taxes, prior to any exemptions, would be for it should they choose to purchase that home.
Should residents protest their taxes each year?
So what is one to do if their tax assessment comes in much higher? It is important to note that residents do have the right, and should exercise that right, to fight their county tax assessment value. This can be done each and every year. Every county has a procedure in place for such a protest of value and that can be found on the county appraisal district’s website for the county in which the home is located.
Please understand that this can be a tedious and difficult process. If time is a concern, there are firms out there that one can pay to do the grunt work for them. Just search online for “tax appraisal protests” and the county the property is located in and there will be plenty of information about those firms.
What tax information is used to calculate a residents taxes and how are they calculated in Katy, TX?
The taxes that one will pay in the Houston and surrounding areas primarily involve three entities. They are the county/city, school and MUD taxes. All entities have various rates that they require for a given property and that rate is paid on a “per $100 value” of the county tax assessment.
For example (Only an example using old tax rates) – Property A is assessed by the county in the spring at $350,000. For this example, we will not use the any of Texas’ Homestead or other tax exemptions. A resident would divide that amount by 100 (per $100 value) to get a $3500 taxable amount.
That amount would then be multiplied by the various rates for each of the three entities. So, $3500 times (x) the total estimated tax rate for a given property:
|Cinco Mud 10||.53||$1855|
|Ft Bend Co Gen||.465||$1627.50|
|Fort Bend Drng||.021||$73.50|
|Ft Bend Co Esd 2||.098||$343|
|Willow Fork Drng||.185||$647.50|
|Total Estimated Tax Rate||2.8156|
In this case, the per $100 is $3500 and the tax rate of all entities added together (and they are different for each property) of 2.8156. That equals $9854.60/year that this resident would pay, prior to exemptions, for the 2015 year on this property.
Tax Information in Katy, TX – Exemptions on Taxes? That’s a good thing!
The State of Texas is a great place to own a home. Texas gives each resident that meets certain criteria various exemptions on their taxes that are paid each year. Some of these include Homestead, Age 65 and older, Agriculture, Veterans and more. These exemptions may allow one to save from 8-15% or more on their property taxes each year. See this link for more information on tax exemptions.
For more information about the katy area or for any assistance with your real estate needs in Katy or West Houston contact Steve Reddell. He is a licensed real estate agent you can trust with REMAX Cinco Ranch. You can contact him directly at 281-994-5173 and you can also visit him on the web at Reddell Family Homes.