What is the difference between the tax rate and the taxable value?

Who Exactly is Taxing You?

To accurately determine your property taxes, you need to identify each taxing jurisdiction for your property. There are typically several entities that will be taxing your property, and they are listed on last year’s property tax bill(s). Once you locate that list, you can confirm by reviewing the current year’s notice of proposed value. Typically, the notice of proposed value will list the taxing entities along with the estimated tax rates, possibly answering two of your questions at once. 

It is also important to note that the taxable value and tax rate work together, but are very different pieces of information. The taxable value is the value that has been determined for your property as the basis for taxation. The tax rate is multiplied with your taxable value to determine the tax bill owed.

Where do I go to find out my tax rates? 

Once you have identified the taxing entities, it is now time to locate their current tax rate.  If you are determining the 2021 tax bill from the 2021 valuation, you will need to find the 2021 tax rates. Most of these rates are set in August or September, right before the tax bills are sent to taxpayers. The Central Appraisal District does not set the tax rates, but many times they will put the tax rates on their websites in an attempt to help taxpayers know who is taxing them and their estimated taxes.

For example, when reviewing the Dallas CAD website (dallascad.org) you can select “Search Appraisals” on the left-hand column. Then you can search for your property by owner name, account number, street address, etc. Once you have located your property, you can scroll down to the Estimated Taxes section, which lists the taxing entities and their tax rates. It is stated that those rates are estimates, so you should further confirm those tax rates.

Is there a second way to confirm my tax rates? 

The Tax Assessor/Collector is responsible for issuing property tax statements. Their websites should have a list available for each jurisdiction and the associated property tax rate. The Dallas County Tax Assessor/Collector (dallascounty.org/departments/tax) has a link on the left-hand side titled “Tax Rates.” Click there to see the rates that are available, and you can even see the rates from a few previous years. If the current year tax rate is not yet available, then it likely has not been set or published yet. Continue to check back periodically during the fall until it is published. 

What if I still need help? 

Each Texas county uses a different process to find property tax rates. This article provides general information that has worked in many counties and is a great starting point when searching for your tax rates. If you need more specific help, or have detailed questions, please reach out to the experts at Wayfinder today.

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