Property Tax Loans in Texas
Governments, just like businesses need money to operate. They have overhead expenses like payroll and rent, but they also need money to pay for public services that they offer. Taxes, of course, are one of the primary sources of all governments’ income, and there are two taxes that are especially crucial to governments’ bottom line: income tax and property tax. Texas, of course, has no state income tax, so the latter tax is of special interest to us here.
Property taxes are assessed by local governments, typically at the county level, on the value of real property and certain items of large tangible personal property located within that county. Thus, if a person lives in Austin and therefore owns land, a home, and an automobile in Travis County, keeps a boat on Lake Amistad in Val Verde County, and owns a rental property in Dallas, that person would owe property tax to three different counties based on the location of each asset. The revenue from those property taxes is then used to fund a variety of expenditures such as public schools, libraries, and public transportation.