Guide to understanding property taxes

The following is a list of basic taxing standards:

- All property must be valued or measured in an equal manner so that no one single property pays more than its share of taxes.
- Taxes are determined every year based on the value of the property as of January 1st.
- Some exemptions have been identified (more later)
- Every homeowner should be given proper advanced notice if taxes are projected to increase. After all, you will be expected to pay the increase and need time to prepare and adjust your family budget accordingly.
- Every property owner will receive a notice explaining the appraised value of their home along with an itemized statement of how much tax is due for their property.

As a property owner you will receive your tax statement reflecting the value of your home and the amount of tax you owe. Remember, if your taxes are being paid through your mortgage loan – your lender is responsible to pay those taxes. This statement is for your personal records and for income tax preparation.

Read the full article on our CNG blog.

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