The Taxable values in this chart are after all exemptions have been applied for the Taxing Jurisdiction so they represent the Taxable Value for that year assuming a 10% increase in Appraised Value by HCAD. Those values are calculated by multiplying Prior Year Value by 1.1 giving Current Year Value. Each year the increase is compounded so the values grow by 10% of each new year. When you look at HCAD for your home, you can click on the 5-Year Value History to see the five years of Appraised Values.
The formula for calculating property taxes: HCAD sets new Market and Appraised Values each year. The Market Value has no limit on how much it can be increased each year; however, the Appraised Value for a home with a Homestead Exemption can only be increased up to 10% each year. The Taxable Value is then calculated by subtracting the Exemption Value from the Appraised Value for that Tax Jurisdiction (Jersey Village). The Taxable Value is then divided by 100 and the result is multiplied by the Tax Rate to give the Tax Amount.
(Appraised Value) – (Exemption Value) = (Taxable Value)
(Taxable Value) / 100 X (Tax Rate) = (Tax Amount
