The property value increase in Freestone County caught many homeowners off guard this year, when many people are already experiencing a strain due to the effects of the COVID-19 pandemic.
The increase coupled with some local taxing jurisdictions needing to raise their tax rate has produced a higher property tax estimate of around ten to fifteen percent for a good portion of the county.
These increases have left people wondering why, and how does the tax system work.
January 1st is a very important date in the taxing calendar, as that is the day property values are set.
This means if something happens to the property or area AFTER this date, it will not apply to the valuations until next January 1.
The Appraisal district will complete appraisals and process applications for exemptions from January 1 until April 30.
Starting in April and ending during May the district sends out notices of appraised values to the property owners.
These valuations include an estimate of what landowners can expect to pay in property tax, based on last year’s rates.
(In 2020, these were held back until May 15, 2020 in hopes of Governor Abbott allowing a freeze on valuations. Abbott refused those request.)
May through July the Appraisal Review Board (ARB) will hear protest from the property owners, make final determinations and approve the appraisal records.
The local taxing jurisdictions (county, city, school, hospital district) will begin adopting their necessary tax rates through the months of August and September.
Tax rates are normally selected by how much money is necessary for the accepted budget, coupled with how much the properties are valued.
Starting on October 1, the tax assessor-collector (acting on behalf of the taxing jurisdictions) will begin to send out notices of how much tax money is actually owed.
Property owners have until January 31 of the following year to pay their property taxes, with charges and penalties beginning on February 1 for any unpaid tax bill.
If still unpaid by July 1, local taxing entities may add additional fees for legal cost related to collecting the unpaid taxes.
The Appraisal District calendar runs from August through July for one year. IE: August 2019-July 31 2020 is one year for them.
For more information on appraisal activities visit freestonecad.org and look under the calendar tab.
The Freestone Central Appraisal District may be reached at 903-389-5510 or by email general.info@freestonecad.org