Houston Homeowners Hit with Property Tax Hike: What You Need to Know
Houston homeowners, brace yourselves! Harris County Commissioners recently approved an 8% property tax increase for the 2024 tax year. This hike translates to a potentially significant rise in your property tax bill. But why the increase? Let's break it down.
Property Taxes in Houston: The Cause of the Increase
This year, Harris County faced several declared disasters, including a severe storm in May and Hurricane Beryl. State law allows counties to exceed the usual 3.5% property tax increase cap in such cases to cover the costs of recovery. Unfortunately, this means homeowners are now facing a steeper tax bill.
Impact on Houston Homeowners
The tax hike affects all three Harris County taxing entities. So, how much more will you be paying?
For a home valued at $400,000, the Harris County tax increase alone will result in an additional $160-$256 on your annual bill.
Other entities like the Port of Houston and Harris Health System have also increased their rates.
If voters approve a bond for the Harris County Flood Control District in November, expect a further increase of around $60.
Property Tax Increase in Houston: Effective Date and Duration
The 8% property tax increase takes effect on October 1, 2024. However, this is a one-time increase applicable only to the 2024 tax year.
Additional Information for Houston Homeowners
The total increase for the average homeowner could be closer to $320 if the Flood Control District bond passes.
The increase is intended to help the county address budget shortfalls caused by the natural disasters.
Stay Informed About Property Taxes in Houston
As a homeowner in Houston, staying informed about property tax changes is crucial. Keep an eye on local news and announcements from Harris County. If you have any questions or concerns, don't hesitate to reach out to your local representatives or tax professionals.
Remember, knowledge is power. By staying informed about property tax increases in Houston, you can plan your finances effectively and ensure a smooth tax season.