One important factor in home affordability in Southlake Texas is your Southlake Texas property taxes. Here is some information about what the current property tax rates are for homes in Southlake, Texas and how property taxes are calculated for homes for sale in Southlake, Texas.
To understand how different taxing authorities (either cities or counties in Texas) calculate your property tax, you have to understand the two factors used in taxation.
The first is the assessed value of your home
The second is the total tax rate for your local city or county.
How is the home value assessed for property taxes in Southlake?
Property taxes – also called ad valorem taxes – are based on the current market value of real estate and tangible personal property as appraised by the county appraisal district. The appraiser compares your home to others that have recently sold to determine its value. The appraised value of your property is then multiplied by the local property tax rate to determine your property tax bill.
The Tarrant Appraisal District appraises property located in Tarrant County and the Denton County Appraisal District appraises property in northern Southlake, which is located in Denton County. The City of Southlake, as one of the local taxing units, sets the City tax rate and collects property taxes based on the taxable value of properties within City boundaries. Taxable value is the appraised value less the value over the appraisal cap and locally approved exemptions.
What are the components of property tax rate in Southlake?
Property Taxes in Southlake TX are made up of :
What is Southlake’s property tax rate?
The tax rate is a published amount per $100 as a percentage that is used to calculate taxes on property. The formula for calculating your annual tax bill is tax rate multiplied by taxable value.
The current Southlake city property tax rate is $.462 per $100 valuation. Most of the rate ($.362) is used to support general city operations. The other portion of the rate ($.10) is used to make payments on debt that the City has issued to build roads, sidewalks and public facilities.
The City tax rate constitutes about 19% of the total tax levy in Southlake (depending on the school district).
How are the Southlake property tax rates determined?
The tax rates are set by counties and school districts and are based on yearly budgets and how much revenue is needed to cover costs. Local governments hold public hearings to discuss tax increases, and citizens can petition for a public vote on an increase if it exceeds certain limits.
How frequently can my appraised home value change in Southlake Texas?
Texas counties are required to reappraise all properties within the county at least every three years. Most county appraisal districts use a "mass appraisal" process, assigning value based on the market value of similar properties that have sold recently in similar markets. For owner-occupied homes (known as "homesteads"), state law limits the amount that appraised value can increase from year to year. The appraised value of a home that qualifies for homestead exemptions may not increase more than 10% per year, unless the home has undergone additions or other substantial improvements that increase the market value of the property. Property owners have the right to appeal appraised values to a local appraisal review board.
What are Southlake property tax revenues used for?
These revenues primarily support general City operations such as police services, fire prevention and suppression, City planning and zoning management, election services, records management and park maintenance. About 22% of the tax rate is used to pay debt service on bonds issued to build certain City infrastructure.
How can I estimate my Southlake property taxes?
Tarrant County provides information on Property Tax e-payment and Property Tax Estimator. Estimate your property taxes for Tarrant County.
What exemptions are available in Southlake?
Southlake offers a General Homestead exemption of 16% (FY 2017), a senior tax freeze, and over-65/disability exemption of $75,000.
Tarrant Appraisal District (TAD) is responsible for local property tax appraisal and exemption administration for Tarrant County residents.
Denton County Appraisal District is responsible for local property tax appraisal and exemption administration for Denton County residents.
The Office of the Comptroller provides information on tax exemptions for those 65 years or older, disabled and elderly.
How do I calculate my Southlake Texas Property Tax?
Total property tax due can be calculated by the following formula:
Total property tax = (City tax rate + ISD tax rate + County tax rate) x assessed value of home / 100.
Texas Property Tax Exemptions
Property tax exemptions reduce the appraised value of your property, which in turn can reduce your property tax bill. The following exemptions are available in Texas and all can be applied for using the same application form.
The homestead exemption: You can qualify for a $15,000 reduction in your home's appraised value if your property is your principal residence as of Jan. 1 of the tax year.
Exemptions for seniors and the disabled: Homeowners who are age 65 or older or disabled can qualify for an additional $10,000 exemption for school district taxes and a $3,000 exemption for other local property taxes. The school district cannot tax any more than what a homeowner paid in the first year he qualified. The tax is effectively frozen.
Widows or widowers age 55 or older whose deceased spouse qualified for the 65 or older exemption can continue to receive the exemption if they apply.
Exemption for disabled veterans: Veterans of the U.S. armed forces who have been disabled as a result of their service may be eligible for a disabled veteran's exemption. This exemption is equal to 100 percent of the appraised value of the primary residence.
How To Lower Your Southlake Texas Property Taxes
You should never assume that the Tarrant County Property Appraiser has correctly reviewed the value of your property. Much like any public or private office, they have a lot of work to do and limited resources to get the work done. If you have watched the video on how to lower your property taxes, then you know you should follow these steps to ensure that you are being taxed fairly.
1. Review you property tax assessment record online by visiting the Tarrant Appraisal District and searching for your home. After reviewing your own, you should check and see how the rest of your neighborhood has been assessed. It is quite possible that many newer home sales will be assessed below yours.
2.Ensure that you verify the details in your assessment. A big key in understanding how to lower your property taxes is making sure that you agree with the tax appraisers description of your property. Make sure the measured size is correct (both the structure and the land). This is very easy for an overworked staff member to make an error in measuring or recording the information, so it makes sense for you to confirm this important information.
3. If you feel that your assessment is out of line with the rest of your Southlake neighborhood, check with your family REALTOR® to see if she/he agrees with your assessment.
4. Call the Tarrant Appraisal District (817) 284-0024 and ask them to review your property appraisal. If you have important information that might affect their opinion, don't be afraid to visit them in person.
How to get your home SOLD fast with no stress for the most amount based on market?
Choose a Realtor you can trust
Price it right
Make sure your home shows well
Remove all the roadblocks from showing your home to potential buyers
It takes more than just these four suggestions but if you do the first one (choosing the right Realtor), you'll be in great hands!
If you are thinking about selling your Southlake TX home and would like to find out the market value, you can use this link to get a FREE home evaluation. You can also call or text me at 469-269-6541 or visit www.NitinGuptaDFW.com
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How can both buyers and sellers have an edge in the Southlake Texas real estate market? Employ the services of a Southlake real estate agent who has vast knowledge and experience of the market. Nitin Gupta, GRI, REALTOR can help you with your home purchase or sale.
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The above information regarding the “Southlake Texas Real Estate Market Report – What's My Southlake TX Home Worth? December 2017 Update" was provided by Nitin Gupta, REALTOR. Nitin has experience helping families buy and sell homes in the Dallas/Fort Worth area. If you’re thinking of selling or buying, he would love to share his knowledge and expertise. Learn more about Southlake real estate market and Tarrant County Real Estate news at http://www.nitinguptadfw.com/southlake-realtor-new-homes-real-estate
The communities Nitin proudly serves include University Park, Coppell, Frisco, Flower Mound, Southlake, Grapevine, Keller, Plano & Colleyville.