If you’re new to Texas or have owned commercial property in other states, you might be wondering, “Why are property taxes so high in Texas?” As state and local tax rates and rules can vary widely across the country, there are many factors of causation for every locale.
In Texas, we have the luxury of NOT paying state income taxes.
Without state income tax as revenue to fund services, the state does lean more heavily on property taxes. While you may enjoy a larger paycheck at the end of the week than friends and family in other states, you may pay more in property taxes.
In Texas, we DON’T have gambling.
Almost everyone knows that in Nevada there is no state income tax. So you are probably thinking, well, why are my commercial property taxes higher here than they would be in Nevada? Simple, we don’t have gambling here in Texas. Gambling creates a great deal of cash flow for government services in Nevada, so they don’t need to lean so much on property taxes.
In Texas, our economy is on the upswing and property values are rising.
If you feel like your property tax burden has been higher in recent years, you’d be right! With the rise in property values in this booming economy, your tax burden goes up too! As every property is assessed each year and you pay taxes on the full value of your property, many property owners are seeing their tax bills rise each and every year when the economy is thriving.
The good news is that local municipalities often lower tax rates when property values go up. But, with the speed at which values are rising, your total property tax bill is still likely to go up.
If you have any questions about your commercial property taxes or if you think your annual assessment is inaccurate, give us a call today. (281) 880-6500 We most likely can save you money with by protesting your valuation!