Everything You Need To Know About the Tarrant County Property Tax Exemption
Tarrant County holds first place in the number of property tax accounts in Texas. If you are the owner of one of those accounts, you should know that there are ways to lower your taxes.
What Is Property Tax?
Compared to renting, owning a property will save you a lot of money summed up, but owning comes with other expenses. If you own a property, you are obligated to pay property taxes.
Local governments are in charge of collecting the property tax money. Property tax rates can vary from one state to another, and even within a state—they can differ across counties.
According to Forbes, the state with the highest property tax in 2019 was Illinois, with a tax rate of 2.22%. Hawai was the state with the lowest property tax rate—only 0.36%.
Where Does Property Tax Money Go To?
Local governments collect a huge amount of money from property taxes every year. If you own a property and pay your taxes, you probably wonder where all of your money is going.
Money from property taxes is usually used for funding local and federal governments. The revenue is, in most cases, intended for financing:
- Fire departments
- Police departments
- Parks and recreation department
How Is Property Tax Calculated in Texas?
The Texas government recalculates property taxes every year after every county’s appraisers have evaluated all the property there.
Property taxes are calculated based on the total property value and total revenue need. The tax assessor will show up at your property or use specialized software to perform a property tax assessment.
Texas imposes property taxes as the percentage of each property’s estimated value. The property tax rate in Tarrant County is 2.10%—if your home value is $100,000, that means you will have to pay $2,100 in annual property taxes.
How To Lower Your Property Tax Bill
If you don’t agree with the tax bill you have to pay, there are ways to lower the final amount. You should consider the following options:
- Don’t do any repairs or renovations before the assessment
- Accompany the assessor during the property evaluation and make sure they are doing it properly
- Search for possible mistakes or inaccuracies in your tax bill
- Find out if you qualify for any tax exemptions
- Submit a property tax appeal
What Types of Tarrant County Property Tax Exemptions Are There?
As any county in Texas, Tarrant County offers partial and total tax exemptions, depending on the owner’s qualification. In most circumstances, property tax exemptions require homeowners to apply on their own.
Tarrant County offers several types of property tax exemptions for eligible property owners. You can learn more about them from a brief overview in the table below:
|Type of Property Tax Exemption||Explanation|
Residence Homestead Exemption
Inherited Residence Exemption
Age 65 or Older Exemption
Disabled Persons Exemption
Solar and Wind-Powered Energy Device Exemption
Charitable Organizations and Businesses
Reduce Your Tarrant County Property Taxes With DoNotPay’s Assistance
Paying property taxes is every owner’s nightmare. Owners often need help with paying property taxes, but there doesn’t seem to be much useful information. Fortunately, you can ask DoNotPay for help!
With our Reduce Property Tax feature, you can learn whether you qualify for:
- Homeowner exemptions
- Veteran exemptions
- Senior citizen exemptions
- Exemptions for persons with disabilities
To get a personalized guide to reducing your property taxes, follow these instructions:
- Access DoNotPay from any web browser
- Locate the Reduce Property Tax service
- Provide information about yourself and your property
Upon receiving your information, DoNotPay will generate a personalized guide that contains all the information you need regarding rules, forms, guidelines, and tax relief programs.
Use DoNotPay To Send Property Tax Appeals
Meeting the requirements doesn’t automatically exempt you from paying property taxes. The government can deny your application. If none of the other tips for lowering taxes work, you should consider filing an appeal. Here’s how to learn more about the process:
- Open DoNotPay
- Find the Reduce Property Tax service
- Explain your situation to get a custom-made guide
- Consult the guide for the necessary information about filing tax appeals
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