Values are up; taxes are down, how is this possible? Central Appraisal District Chief Appraiser, Don Awalt provided an overview of the dynamic to The “Times” in a recent interview.
He explained that based on sales increases, taxable market property values increased overall by approximately 19.3% over 2022 or by $1,045,416,785 with taxable values up by 18.28 or $580,366,152.
However, two legislative items expected to be passed in November 2023, will result in a decrease to the tax payments.
The first is that the Homestead Exemption will be increased to $100,000.
Secondly, compression will further reduce school taxes. Compression is the states’ ability to use existing taxpayer money to buy down the school district Maintenance and Operations tax rates.
Awalt revealed that these have already been taken into consideration in this years’ tax calculations. He fully expects them to pass.
A study of the various entities, excluding the Independent School Districts (ISD), shows differences in expected levies from -17% to 10%:
–Freestone County $443,594 or 4%
–City of Fairfield $-12,059 or -1%
–City of Streetman $3,055 or 7%
–City of Teague $87,952 or 10%
–City of Wortham -50,648 or -17%
–Fairfield Hospital District $27,384 or 1%
–Teague Hospital District $34,789 or 8%
The school districts local levies varied widely from -38% to 6% with the State impact expected to assist the school districts.
–Buffalo ISD $45,612 or 4%
–Fairfield ISD $771,165 or 6%
–Oakwood ISD $-118,917 or -10%
–Corsicana ISD $-44,030 or -38%
–Dew ISD $-315,298 or -14%
–Teague ISD $-1,039,848 or 11%
–Wortham ISD $-296,047 or -14%
–Mexia ISD $-516 or -1%
As far as any impact on the sale of the Fairfield Lake State Park, Awalt said there would be none this year as Vistra Inc., the previous owner, paid the taxes already. He further believes that it will be a few years before any revenue is realized as the property has to be developed with roads, buildings, and homes to increase the value.
Should Texas Parks and Wildlife Department be successful in capturing the property through Eminent Domain, the increase in tax revenue would be zero, as the State is tax exempt.
According to Tax Assessor/Collector Dan Ralstin, a couple of entities were late getting their tax rates to the Tax Assessor/Collector this year.
Consequently, statements, which usually go out by October 1st, should be mailed out by the third week of October this year.
The Central Appraisal District maintains a web site that allows the taxpayer to know about what they can expect to pay in advance of the actual statement going out. That website is texastaxtransparency.com/freestone
Mary McDonald reporting