all state tax information courtesy of Bankrate.
Texas is one of only seven states that does not tax individual wage income. The state's constitution restricts passage of a personal income tax. The Lone Star State, however, does collect a gross receipts tax from some businesses.
Personal Income Tax
Texas residents do not pay personal state income tax. A list of other taxes and rates in the state of Texas can be found at the Texas Comptroller's website.
Personal and Real Property Taxes
Texas does not have a state property tax. Local taxing units such as counties, cities
Personal property -- including automobiles, airplanes, boats and travel trailers -- that does not produce income is mostly exempt from taxation.
Total tax rates vary from location to location and may change from year to year.
A residential homestead exemption is available for all who owned property on Jan. 1. A greater exemption is available for taxpayers 65 and older or disabled.
Homeowners need to file Form 50-114, Application for Residence Homestead Exemption, with their appropriate taxing jurisdictions between Jan. 1 and no later than April 30.
Thank you to Bankrate for providing this information about personal and property taxes in the state of Texas.
For more information about local taxes and financing and how it can affect your Dallas real estate purchase or sale, contact the Glazers Realty team.