Every year, central appraisal districts determine your property’s market value as of January 1st. Appraisal districts must reassess all properties in their jurisdiction at least once every three years. To keep things consistent and equitable, they follow the Uniform Standards of Professional Appraisal Practice, ensuring standard techniques are used. They use the most recent sales data, including address, construction type, size, age, and intended use, to conduct these mass appraisals. The county then uses either the Market Approach, Income Approach, or Cost Approach. The county rarely looks at the actual individual home. They use the following equation to determine your property taxes:
Equation: Tax Value x Tax Rate = Total Tax Due.
Example: $250,000 x 2.2% = $5,500 tax due.
See our explainer video (click here) for more on the basics of how property taxes work in Texas!