Step 1. Valuation     Step 2. Budgeting     Step. 3 Tax Rate Setting

You, as a property owner, play an important role in the process that determines how much you pay in property taxes each year. The three-step process includes valuation, budgeting, and tax rate setting.

Valuation involves assessing the value of your property, and it is an essential part of the process. While this step may have different timelines depending on your local jurisdiction, it ensures that the assessed value of your property is determined accurately.

Budgeting, the second step, is perhaps the most crucial stage where property owners can have a significant impact. It is during this phase that decisions are made regarding how tax dollars are allocated and spent by various entities. To determine which taxing entities affect your tax bill, we recommend contacting your local appraisal district. Once you identify the relevant entities, we encourage you to reach out to them before their budgets are finalized. Attending the budget sessions and engaging with the entities will provide you with insights into how your tax dollars are being utilized.

The entities involved in the budgeting process can vary and may include the city, county, school district, community college, water district, or other special taxing districts. You can find contact information for taxing entities across the Panhandle below.

Once budgets are set, tax rates are determined by the governing bodies of each entity to meet their specific needs and obligations. This leads us to the third step, tax rate setting, which helps determine the final amount of property taxes you will be responsible for paying.

To gain a more comprehensive understanding of the tax rate setting process and its impact, we encourage you to visit KnowYourTaxes.org.