April 10, 2015 | by Katie Claflin
Categories: Homeownership
Texas has the second highest property taxes in the nation, according to a recent report issued by the real estate firm Realty Trac. The states with the highest effective property tax rates are: New York (3.01 percent), Texas (2.18 percent), Illinois (2.15 percent), Connecticut (2.11 percent) and New Jersey (2.01 percent).
Texas law does provide some relief by allowing a variety of partial or total property tax exemptions. A partial exemption removes a portion of a property’s value from taxation, while a total exemption excludes the entire property from taxation.
If you purchased a home in 2014, the deadline to file your exemption application is April 30th. Click here to learn more and obtain a copy of the exemption applications.
Below is a summary of the three property tax exemption types for homeowners:
The Texas Legislature is also considering several tax reform bills that could increase the property tax exemptions available to Texas homeowners. To learn more, check out the Texas Tribune, a nonpartisan media outlet that covers the Texas Legislative Session.
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