Texas property bills still climbing
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Median property taxes in Texas rose 26% between 2019 and 2023, data shows, even as local and state governments took steps to reduce the impact.
Driving the news: The protest process for properties in the Dallas Central Appraisal District started yesterday and ends May 15.
The big picture: Homeownership is growing costlier nationally, partly due to pandemic-fueled price growth.
- With no state income tax, Texans pay some of the highest property taxes in the nation.
How it works: Property taxes are based on a home's assessed value and the local tax rate.
- Money collected through property taxes supports schools, roads, emergency services and other public services.
State of play: Nationwide, property tax bills are steeper after U.S. home prices surged nearly 40% during the pandemic, according to a recent CoreLogic report.
- Median property taxes on U.S. single-family homes rose from $2,367 in 2019 to $2,877 in 2023, per CoreLogic.
- The median property tax bill in Texas in 2019 was $3,900, according to the latest data CoreLogic shared with Axios. The median was $4,916 in 2023.
Zoom in: The average taxable value of homes in Denton County increased from roughly $402,000 in 2022 to roughly $449,000.
- The average market value of Collin County homes increased from around $513,000 in 2022 to around $584,000 in 2023.
- Texas voters approved a historic property tax cut in November.