State Property Taxes Remain the Same
The state property tax bill delivered to homeowners this fall will look familiar. This year’s tax rate of just over 12-cents per 100 dollar assessed property value has remained unchanged since 2008. Decades ago, state lawmakers limited the size of property tax increases. David Gordan with the State Department of Revenue says the state property tax rate was once 30 cents.
“And as the real property assessments increased, the state property tax decreased and it has decreased over the years until it came to 12 point two percent in 2008. Since that time, there has not been an increase over four percent in real property assessments so the property tax rate has remained the same,” said Gordon.
The state property tax is expected to generate 278-million dollars this year. Gordon says tax bills will be mailed out this fall.
“The state tax rate will be only one part of the county bill they receive from the sheriff. Other taxing districts are also on that bill including school districts, fiscal courts, and whatever other special taxing districts they have in that county,” added Gordon.
For a home valued at 150 thousand dollars, the state property tax this year will cost the owner about 183 dollars.