Fixed Rate but Your Payment Went Up? Check Your Texas Tax Bill
Quick Answer: If your lender collects property taxes in escrow, a higher tax bill can raise your monthly payment even when your interest rate is fixed. Williamson County bills go out around October 1 and are due before February 1 (Williamson CAD). If you bought a home this year, check that you filed your homestead exemption.
Why did my payment go up with a fixed rate?
Your payment can include principal, interest, property taxes, and insurance. The rate is fixed, but taxes and insurance can change. When the tax bill rises, your escrow payment can rise too.
What is the homestead exemption?
It lowers the taxable value of the home you live in. For school taxes, Texas exempts $140,000 of value (Texas Comptroller). It applies to your main home only.
How do I file it?
You file once with your county appraisal district. The general deadline is before May 1. If you missed it, ask the appraisal district about filing late.
Frequently Asked Questions
When do Williamson County tax bills go out?
Around October 1, and they are due before February 1 (Williamson CAD).
Do I file the homestead exemption every year?
No. You usually file once, as long as you still live in the home.
Can you help me plan my full monthly cost?
Yes. Text me PLAN.
Ai Tran, Realtor and Loan Officer
2020 Realty
Round Rock, TX
512-300-8611
https://www.AiTTran.com
Loan Factory, NMLS #320841
Ai Tran, Loan Officer, NMLS #2627075
Equal Housing Lender. This is not a commitment to lend. Subject to underwriting approval; not all applicants qualify.
Disclosures: loanfactory.com/aitran/disclosure | Texas: loanfactory.com/aitran/texas-disclosures
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These services are offered independently. You are not required to use both.
General information, not tax advice.
About the author: Ai Tran is a bilingual Realtor and loan officer based in Round Rock, TX, serving Round Rock, Austin, Pflugerville, Leander, and Cedar Park. Through her One Desk Method she handles both the home and the loan, so buyers get the right house and the right financing from one person they trust. NMLS #2627075.
