Taxes for Texas
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. More on Texas taxes can be found in the tabbed pages below.
Read more£ºhttp://www.bankrate.com/finance/taxes/state-taxes-texas.aspx#ixzz2RVUe2zBD
Personal income tax
Texas residents pay no personal state income tax.
The state does, however, impose a variety of other taxes. A list and rates can be found at the Texas Comptroller's website.
Read more£ºhttp://www.bankrate.com/finance/taxes/state-taxes-texas.aspx#ixzz2RVUk6CWC
Personal and real property taxes
Texas does not have a state property tax.
Local taxing units -- counties, cities and school districts -- assess and collect property taxes on all real and income-producing tangible personal property not exempt by state or federal law. 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
Read more£ºhttp://www.bankrate.com/finance/taxes/state-taxes-texas.aspx#ixzz2RXcUrhMJ
Follow us£º@Bankrate on Twitter | Bankrate on Facebook
MORE