How are My Taxes Calculated?

Grand Lakes MUD 1 wants to explain how property taxes are calculated in Texas. Your property's value is assessed each January and used to calculate your tax bill. Once the values are set the MUD set their tax rates. Your tax bill is calculated by multiplying your property's appraised value by the tax rate. There are a few exemptions that may apply to you, such as the Homestead exemption and the over-65 exemption. You can protest the value if you think it's unfair. Local entities set tax rates, and exemptions may apply. You should expect to receive your property tax bill in the mail by the end of October. You have until the end of January to pay it without penalty.

Remember:

• Your property's value is assessed every January 1st.
• You can protest your appraised value if you think it is too high or low.
• Local entities set their own tax rates.
• There are a few exemptions that may apply to you.
• You have until the end of January to pay your property tax bill without penalty.

Watch this video to learn more.