HELP!!!! How do you calculate property taxes? (Houston, Galveston: assessors, how much)

[rubynicholson77056]

I am trying to determine how much the property taxes will be on a new home I am considering having built. $173,990 at a 3.45% tax rate (before homestead). I can't find any online property tax calculators. Anyone know of any sites that can help????

[tstone]

As an estimate, take 90% of the value and multiply by 3.45%.

With that, I'm calculating $5,402.39 per year. Bound to go up every year as well.

[mayreejayne]

The way that I do it, is go to my tax assessors website (HCAD.org in Harris County) and look for other properties that have the same characteristics as mine. Then I look up their taxes. It is quite an endeavor to do this analysis and comparison (translate = "time"), but it's pretty accurate.

[rubynicholson77056]

Originally Posted by tstone

As an estimate, take 90% of the value and multiply by 3.45%.

With that, I'm calculating $5,402.39 per year. Bound to go up every year as well.

Thanks for your speedy reply!!! Any idea of how to calculate after homestead?

[Yonkers]

Originally Posted by rubynicholson77056

Thanks for your speedy reply!!! Any idea of how to calculate after homestead?

It's not too complicated. Homestead only gives you discount on some of the taxes. For most people it's only the school tax.
So for a basic example, let's say your taxes are 3% and 1% of that is your school tax. And your house is $150k. The state governed exemption for schools is $15k ($25k if you're over 65).

So your taxes would look like this:
taxes = (house value minus exemption) times (school tax rate) + (house value) times (difference between overall tax rate and school tax rate)
taxes = ($150k-15k) x (.01) + ($150k) x (.02)
taxes = $1,350 + $3000
taxes = $4,350

So without the exemption you would have paid $4500. You saved $150 with it.
I hope my math was right.

[Hayato]

This year its bonus x .35

[tstone]

Originally Posted by rubynicholson77056

Thanks for your speedy reply!!! Any idea of how to calculate after homestead?

That was after homestead. I took 90% of the value. Without homestead, it would be 100% of the value X 3.45%.

Yonkers did the same calc above.

The HCAD website doesn't always include all the taxes. My taxing area is split (Houston/Galveston), so the HCAD site doesn't tell the whole story.

[AlexTx]

Keep in mind that you have to live in the home on January 1st of that year to apply for Homestead. So, if you closed on a house in 2009, you'd apply for the exception after January 1, 2010 and you wouldn't get it until you got your 2010 tax bill in November of 2010.

[rubynicholson77056]

Originally Posted by AlexTx

Keep in mind that you have to live in the home on January 1st of that year to apply for Homestead. So, if you closed on a house in 2009, you'd apply for the exception after January 1, 2010 and you wouldn't get it until you got your 2010 tax bill in November of 2010.

Yea I took that into account. I was just wondering what I would be expecting in the future...which is not too big of a difference!!

[Thexy]

Also keep in mind that if your subdivision is not compete, your property taxes will be substantially lower until 50% is complete.