Report Prepared for Montgomery County Commissioners Court February 14, 2017 Tammy McRae, Tax Assessor-Collector
Appraise Property & Grant Exemptions ◦ Certify Values & Exemptions to Taxing Units ◦ Adopt Optional Exemptions ◦ Adopt Tax Rates ◦ Assessment – ◦ Calculate Tax Rates Apply Adopted Tax Rate to Certified Taxable Value Collection – ◦ Prepare & Send Tax Statements Collect Taxes
Residence Homestead of 100% or Totally Disabled Veteran – 100% exemption for qualifying individuals ◦ Texas Property Tax Code, Sec. 11.131 Disabled Veterans – Tiered exemption on any property based on disability rating from Veteran’s Administration ◦ Texas Property Tax Code, Sec. 11.22 Dis isabil ility ty Rati ting ng of: Exemption up to: at least: but less than: $5,000 10% 30% $7,500 30% 50% $10,000 50% 70% $12,000 70% and over
Texas Property rty Tax Code, e, Sec. 11.13(n) (n) In addition to any other exemptions provided by this section, an individual is entitled to an exemption from taxation by a taxing unit of a percentage of the appraised value of his residence homestead if the exemption is adopted by the governing body of the taxing unit be befor fore July July 1 in the manner provided by law for official action by the body. If the percentage set by the taxing unit produces an exemption in a tax year of less than $5,000 when applied to a particular residence homestead, the individual is entitled to an exemption of $5,000 of the appraised value. The percentage adopted by the taxing unit may not exceed 20 percent.
– up to 20% or $5,000 (whichever is greater) Texas Property Tax Code, Sec. 11.13(n) ◦ – Minimum $3,000, No limit ◦ Texas Property Tax Code, Sec. 11.13(d)(e) Surviving Spouse – Minimum $3,000 Texas Property Tax Code, Sec. 11.13(q) – Minimum $3,000, No limit ◦ Texas Property Tax Code, Sec. 11.13(d)(e) Surviving Spouse – Minimum $3,000 Texas Property Tax Code, Sec. 11.13(q)
Sourc rce: Texas Association of Counties Data: a: Texas State Comptroller - Based on Tax Year 2015 (2016 Data not available)
To receive an exemption, a person must file an exemption application form with the chief appraiser. Texas Property Tax Code, Sec. 11.43 ◦
Montgomery County Tax Assessor-Collector collects for 79 taxing jurisdictions 24 jurisdictions offer a homestead exemption ◦ All ISD’s offer statutory homestead exemption
= 13,435 Value Reduction $62.70 Tax Reduction = 26,869 Value Reduction $125.40 Tax Reduction = 53,737 Value Reduction $250.80 Tax Reduction Estimates based on 2016 Montgomery County tax rate & average home value of $268,685
Value ue Loss Reve venue ue Loss Exempti tion on % FY 2 Y 2017 17 (.4667/ 667/$100 $100) $(1,533,103,085) $(7,154,992.10) $(2,988,451,410) $(13,947,102.73) $(5,944,653,902) $(27,743,699.76) Figures reflect 65 and over exemption currently offered
= $256.70 Tax Reduction = $291.70 Tax Reduction = $466.70 Tax Reduction Estimates based on 2016 Montgomery County tax rate & average home value of $268,685
2016 Current Exem emption tion Value ue Loss ss Reve venue ue Loss ss Value Loss s wi with Adjus usted ted Value ue Amount nt FY 2 2017 17 (.4667 667/$ /$100) 100) the $35,000 0 Exempti tion $55, 5,000 000 $1,214,329,888 $1,813,396,924 $(599,067,036) $(2,795,845.86) $62, 2,500 500 $1,214,329,888 $2,040,071,819 $(825,741,931) $(3,853,737.59) $100, 00,000 000 $1,214,329,888 $3,105,483,623 $(1,891,153,735) $(8,826,014.48)
2017 Preliminary values for Montgomery County reflect an increase of $2,751,652,521 to date. The increase is a result of reappraisals and new improvements. The County can expect to generate $12,841,962 in additional revenue using the current tax rate of $0.4667/$100 should the increase in value remain through the July 25 th certification date.
Exemptions are required to be adopted by Ju July 1; however, in order to be included in preliminary values, the Appraisal District must have information by April il 1. Texas Property Tax Code, Sec. 11.13(n) ◦
A copy of this presentation will be available on the Montgomery County home page & the Tax Office website. www.mctx.org www.mctx.org/tax
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