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
Prepare & Send Tax Statements
◦ Collection –
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 Disability Rating 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 Tax Code, Sec. 11.13(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 before 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)
Source: Texas Association of Counties Data: 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. â—Ś
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
Exemption %
Value Loss FY 2017
Revenue Loss (.4667/$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 Value Loss with the $35,000 Exemption
Exemption Adjusted Value Amount
Value Loss FY 2017
Revenue Loss (.4667/$100)
$1,214,329,888
$55,000
$1,813,396,924
$(599,067,036)
$(2,795,845.86)
$1,214,329,888
$62,500
$2,040,071,819
$(825,741,931)
$(3,853,737.59)
$1,214,329,888
$100,000
$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 25th certification date.
Exemptions are required to be adopted by July 1; however, in order to be included in preliminary
values, the Appraisal District must have information by April 1. â—Ś
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