How are your Local Property Taxes Determined?
McGregor Property Taxes – City Hall Example
We do not need to be Tax Consultants to determine we are paying to much for the Government Services we are enjoying – [at every level of government]. In Texas, we pay Property Tax and not Personal Income Taxes. [Like it or not, that is the situation].
As Residents, we should all understand – who sets the Tax Rates and how do those RATES affect us as individual Taxpayers.
In McGregor, the City Council has that responsibility. The City is limited to a maximum of 8% increase in Property Taxes in any one year.
Every year [using the data our Group has access to] the City Council voted for the Minimum Property Tax Rate Increase – [every possible year]. We are suggesting our Group Members should understand some basic “formula math” to realize we need to decrease what we pay by decreasing the “Property Tax RATE:
Formula for Calculating YOUR Property Taxes |
||||||
|
(property tax amount) |
|
(RATE) |
|
(taxable value) |
|
|
$4,320.769339 |
= |
0.594010 |
x |
$727,390.00 |
/ |
100 |