What kinds of property are taxable?
The Texas Property Tax Code requires that all property is taxable unless the State Legislature has passed laws to exempt it. Houses, mobile homes,lots acreage, commerical buildings, apartments, oil and gas reserves, industrials, utitlites, and business inventory and equipment are all taxable.
How did the Edwards Central Appraisal District arrive at my value?
By utilizing comparable sales, income and /or cost date, a ECAD appraiser applies generally accepted mass appraisal techniques to estimate a value for your property.
What is the Edwards Central Appraisal District's role in the tax system?
There are three main parts to the property tax system in Texas.
An appraisal district in each county set the value of property each year and administers exemptions.
An Appraisal Review Board settles disagreements between property owners and the appraisal district about property values and exemptions; they also make determinations on challenges initiated by taxing units.
Local taxing units, which include the county, city , school district, and special districts, decide how much money they will spend. This, in turn, determine the total amount of taxes that property owners must pay.
Who sets the tax rates?
The governing body (such as a city council, school board, county commissioner's court, etc.) of each taxing entity sets the rates for their jurisdiction. The taxing units decide what services they will provide in the coming year and how much revenue they will need to provide those services. Each taxing unit adopts a tax rate that will raise the needed tax dollars.
Why did my value change?
During our annual reappraisal, value change may occur for several reasons:
Due to market conditions, rising or falling values;
The correction of the data base, such as a change in square footage, a pool or other secondary improvement not previously accounted for or a correction of property characteristics; or
A value may be changed for equalization purposes.
Why are you inspecting my property?
In order to make accurate appraisals on every property in our jurisdiction, it is necessary to visit them periodically to ensure that the date used in making the appraisal is correct. For instance, since we last visited your home the condition of the structure could have changed.
What is market value?
Market Value, often referred to as "fair market value" in the discussion of property taxes, means the price at which a property would transfer for cash or its equivalent under prevailing market conditions if:
exposed for sale in the open market with a reasonable time for the seller to find a purchaser;
both the seller and purchaser know of all the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on its use; and
both the seller and purchaser seek to maximize their gains and neither is in a position to take advantage of the exigencies of the other.
Is my house ever depreciated?
Yes, however market appreciation can often offset physical depreciation.