Texas Property Tax Glossary; a guide to property tax terms

Property tax is money paid on homes or properties that individuals own. The taxes are based on the assessed amount, done by the county assessor. When learning about property tax, the list of terminology that accompanies it is long and can be confusing. Here are some of the basic definitions that you need to know. 

  1. Ad Voleram Tax – the tax set, based upon the value of your property. 
  2. Appraisal – the amount of money or “value” of the property, which is set by an appraiser. 
  3. Appraiser – a business professional, hired by the county or district your property is located in, responsible for setting the amount of value on your property. This amount can change yearly, depending on updates and fixes done to your property. 
  4. Appraisal Review Board – also known as the ARB, this board is responsible for all appeals sent in, if property owners disagree with the amount estimated by the country appraiser. The board of directors and advocates are appointed by the district county judge and is subject to change. 
  5. Appealing process – the process in which a form is filed to the appraisal review board when the assessed value is disagreed upon. If you partner with a company like Texas Property Tax Reductions, they will file the form for you and represent you during the appraisal hearing. 
  6. Protest – As a taxpayer, you have the right to protest the amount set upon your property. In doing so, you will partake in the appealing process, mentioned above. 
  7. Tax exemptions – when filing property taxes, taxpayers are able to lessen the burden of payment through exemptions. Exemptions are a set percentage used to lessen property tax. Here are three common examples of exemptions possible in the state of Texas. 
    1. Homestead – this exemption is put upon the main living space of the individual. You must only use it on the property that you live on most of the year and have main ownership of the property. 
    2. Age 65 or Older – the qualifications are simple with this exemption; you must be 65 years of age or older. You also must live within a school district, as that is the system that will be supplying a tax exemption to you. 
    3. Disabled Persons – to qualify, you must meet all standards set by the Federal Old-Age, Survivors and Disability Insurance Act, also known as the Social Security Program. 

While exploring the world of property tax, knowing vocabulary, as well as the system, offers aid in filing. It also helps taxpayers further understand how the system functions as a whole. 
Do you have questions about property taxes? Are you worried that you may not be receiving a fair amount set upon your property? Contact Texas Property Tax Reductions today and we will be glad to assist you! Servicing the great state of Texas, we have partnered with senior business professionals who know what it takes to be the best.

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