Beyond Bending Tell You How
As a homeowner in Wichita Falls, you’re required to pay property taxes to support the local government and schools. Understanding the ins and outs of property tax in Wichita Falls can be overwhelming, but it’s crucial to ensure you’re not overpaying or facing penalties for non-payment. In this comprehensive guide, we’ll cover everything you need to know about property tax in Wichita Falls, including how it’s calculated, payment deadlines, and exemptions.
What is Property Tax?
Property tax is a tax levied on real estate by the local government. The amount of property tax you owe is based on the value of your property, which is determined by the local appraisal district. Property tax funds are used to support essential services like schools, fire departments, and law enforcement.
How is Property Tax Calculated in Wichita Falls?
Property tax in Wichita Falls is calculated by multiplying the appraised value of your property by the tax rate. The appraised value is determined by the Wichita County Appraisal District, which assesses the value of your property every year. The tax rate is set by local government entities, including the city, county, and school district. For example, if your property is appraised at $200,000 and the tax rate is 2.5%, your property tax bill would be $5,000.
Understanding Property Tax Rates in Wichita Falls
The tax rate in Wichita Falls is a combination of several rates set by different entities, including the city, county, and school district. The total tax rate is often referred to as the “effective tax rate.” In Wichita Falls, the effective tax rate for 2021 is 1.2774%. However, your actual tax rate may be higher or lower depending on where your property is located and which entities have taxing authority in your area.
How to Check Your Property Tax Rate in Wichita Falls
You can check your property tax rate in Wichita Falls by visiting the Wichita County Appraisal District’s website. There, you can search for your property and view the tax rates for each entity that has taxing authority in your area.
When is Property Tax Due in Wichita Falls?
Property tax in Wichita Falls is due on January 31st of each year. If you don’t pay your property tax by the deadline, you’ll face penalties and interest charges.
How to Pay Property Tax in Wichita Falls
There are several ways to pay your property tax in Wichita Falls. You can pay online, in person at the tax office, or by mail. If you choose to pay online, you can do so through the Wichita County Tax Office’s website.
What Happens if You Don’t Pay Property Tax in Wichita Falls?
If you don’t pay your property tax in Wichita Falls, you’ll face penalties and interest charges. The penalty for late payment is 6% of the unpaid tax amount, plus 1% interest per month. If you continue to not pay your property tax, the county can place a lien on your property and eventually foreclose on it.
Property Tax Exemptions in Wichita Falls
There are several property tax exemptions available to homeowners in Wichita Falls. These exemptions can lower the amount of property tax you owe or even exempt you from paying property tax altogether.
Homestead Exemption
The homestead exemption is available to homeowners who use their property as their primary residence. This exemption can lower the taxable value of your property by up to $25,000. To qualify for the homestead exemption, you must apply with the Wichita County Appraisal District.
Over 65 Exemption
The over 65 exemption is available to homeowners who are 65 years or older. This exemption can lower the taxable value of your property by up to $10,000. To qualify for the over 65 exemption, you must apply with the Wichita County Appraisal District.
Disabled Veteran Exemption
The disabled veteran exemption is available to veterans who were disabled while serving in the military. This exemption can lower the taxable value of your property by up to $12,000. To qualify for the disabled veteran exemption, you must provide proof of your disability to the Wichita County Appraisal District.
Other Property Tax Exemptions
There are several other property tax exemptions available in Wichita Falls, including exemptions for religious organizations, charitable organizations, and certain types of businesses. To learn more about these exemptions and how to apply, contact the Wichita County Appraisal District.
People Also Ask
How often is property tax assessed in Wichita Falls?
Property tax is assessed annually in Wichita Falls by the Wichita County Appraisal District.
Can you appeal your property tax assessment in Wichita Falls?
Yes, you can appeal your property tax assessment in Wichita Falls. To do so, you must file a protest with the Wichita County Appraisal District within 30 days of receiving your property tax notice.
What happens to property tax in Wichita Falls?
Property tax in Wichita Falls is used to fund essential services like schools, fire departments, and law enforcement.
How can I lower my property tax in Wichita Falls?
You can lower your property tax in Wichita Falls by applying for property tax exemptions, including the homestead exemption, over 65 exemption, and disabled veteran exemption.
