If you are considering relocating your family and/or business to Austin, Tx one of the things to consider are the tax rates. Property tax rates vary from city to city. In the Austin metro area tax rates range anywhere from 1.9% to 3.1%.
What Factors Have an Affect on Property Tax Rates?
- School District – you reside in makes up the majority of your property tax bill. For example in the Austin ISD the tax rate is currently 1.242%
- City of Austin & Travis County also collect taxes. Typically less then half of what the School District collects.
Assessed Value vs Appraised Value
A lot of people get confused on the difference between the assessed value and the appraised value of their property.
Assessed Value – The Travis County Appraisal district determines the assessed value of your property. They base their value off of their fiscal tax requirements to cover county expenses, NOT by market supply and demand. Since the appraised value is what you pay taxes on.. YOU WANT THIS NUMBER TO BE AS LOW AS POSSIBLE!
Appraised value (aka Market value) – is typically determined by a licenses appraiser who compares your property’s location, lot size, amenities, etc.. to surrounding properties. The appraised value or MARKET VALUE is a price that a buyer is willing to pay and what a seller is willing to sell for. It’s also what banks use to determine whether or not they are going to loan money.
How Do I Find Out the Tax Rate for My Property?
To find the tax rate of your property simply go to http://www.traviscad.org/property_search.html then click on property search. From there you can search by owner name or property address.