As an Amazon Associate I earn from qualifying purchases. Disclosure of Material Connection: Some of the links in this post may be "affiliate links." This means if you click on the link and purchase an item, I will receive an affiliate commission.
If you are planning to move to this north Texas town and buy a home, then you may be wondering what the property taxes are in Wichita Falls Texas.
Wichita Falls is the county seat of Wichita County, Texas. It’s located on the edge of a wheat-growing region that produces more wheat than any other in the United States. In addition to its economic and agricultural strength, Wichita Falls has also become known for its manufacturing sector as well as being home to many Fortune 500 companies such as Kimberly Clark Corporation and American Airlines Group.
What are the Wichita Falls Texas property taxes?
In Wichita Falls, Texas, Texans may not have state taxes but they might make up for it in one form or another. Property tax in taxes is a locally assessed and locally administered.
The certified property tax rates for Wichita Falls have steadily increased due to the growth and development of real estate values. The collected taxes are deposited in the General Fund of the City and used to support general operations such as street maintenance, parks and recreation, library service, health and safety, and public finance and administrative services. So, Property taxes make up the portion 33% portion of all local revenue. The procedure of tax collection is completed through an inter-local agreement between the City and the County.
<
Property tax amount= (rate) x (taxable value of your property)/100.
The sales and use tax for the city of Wichita Falls is 8.25%. The State of Texas U.S receives 6.25% and the Wichita Falls receives 2% of this tax.
Increased Rates:
The Texas Comptroller notes that property taxes in Texas are regressive. Property taxes are appraised and collected at the local level. Wichita Falls’ portion of sales tax is used to raise the general operations of the City. Specifically, 1.5% of sales tax is deposited in the General Fund of the City.
Property Tax Exemptions:
Property taxes are higher in Texas (Wichita Falls Taxes) than in the United States. Exemptions decrease the taxable value of the property and, thus, the amount of tax owed. Wichita Falls offers various partial or absolute exemptions from appraised property values used to determine local property tax rates. Partial exemption eliminates a percentage of a property’s value from taxation.
An absolute or total exemption excludes the entire property from taxation. Taxing units are mandated by the state to offer certain exemptions and have the choice to decide locally on whether or not to provide local options.
Wichita Falls property taxes levied on real property (that includes land, improvements, mines, and quarries, standing timber) must locate in the state or used continually. The most suitable method of appraising property is to determine its market value.
With property taxes on the rise, it’s important to stay informed about what you can do now to prepare. Here are some of our most helpful tips for understanding just how much your wichita falls texas property tax bill might be and how you can save money in the future by making smart decisions today. We hope this article has been useful!
