Grayson County property tax rates will stay the same for the twelfth year in a row.

Does this mean Grayson County residents won't see an increase in their taxes? Not necessarily. Commissioners say property valuations came back higher than usual this year, which is effectively a 2.31 % increase, For many Grayson County residents around Lake Texoma, that means the amount they pay for taxes may actually go up.

Local taxing autorities in Texas are required by law to re-evaluate each property in their district every five years and bring the taxable value of the property up to fair market value. Determination of taxable value is calculated by comparing the property to recent sales data in the surrounding area. The law places restrictions on how much the property value can be increased in a single year but it can continue to rise in subsequent years until fair market value is obtained. These notices of re-evaluation were sent out by the Grayson County Appraisal District in May along with instructions on how to appeal if the property owner believes the increased value to be incorrect. Tax billing is sent out in October of each year.

Several exemptions are available that help reduce taxes. The most widely used is the Homestead Exemption. Senior citizens are also elgible for the Over 65 exemptions, which effectively freezes the amount they pay even if the value of their property increases. Disabled veterans also have exemptions and in some cases can be exempt from paying all real estate taxes. You can contact the Grayson County Appraisal Distirct for more information on which exemptions you are elgible to receive.

Texas is one of the few states that has no income tax, deriving most of their income from other forms of taxation - real estate being a biggie.