Property Tax Basics
Paying property taxes is part of home ownership and the taxes help fund the city, county, schools, and hospitals. Taxes are either paid directly to the taxing authorities or via an Escrow Account. When purchasing a home the property taxes that are paid at closing are classified as Prepaids in the mortgage Closing Costs.
Property Tax Rates
The typical property tax rate for homes in the Dallas Ft. Worth metroplex typically range from 2.0% to 2.9%. We will typically use 2.3% to 2.5% for our estimates. As an example, the Dallas County tax rate breakdown for 2014 was:
- City = $.797
- School = $1.282
- County = $.253
- College = $.125
- Hospital = $.286
When added together these total $2.74 which means that for every $100 a homeowner pays $2.74 in taxes (or $.0274 for every $1). For example, someone that owns a $300,000 home would pay $8,220 in property taxes ($300,000 x $.0274).
How To Determine Property Taxes
The easiest way to determine the property taxes for a property is to visit the County Appraisal District websites for more information. The most common CADs for North Texas as listed below; to find your county we suggest you Google “X County Appraisal District” where “X” is the name of your county.
Tarrant CAD Home Page
Tarrant Homestead Form
Tarrant Tax Calculator
Tarrant Tax Rates
Please call us if you have any questions about property taxes, escrows, or prepaids – we’re here to help.