When the Township levies a property tax in 2009, what operating time period will be covered by the new tax levy?
The property tax levy in 2009 is expected to replace the Community Association assessments for 2010. The property tax levied by the Township in 2009 will be to support operating costs for the period January 1, 2010 to December 31, 2010. The taxable values are determined and the tax rolls are prepared by the county Appraisal District between January 1 and July 31. Taxes are then levied between August 1 and September 1, based on the preceding January 1 taxable values. Taxes become due on October 1 and are overdue on the following January 31; so the tax collections are physically received in the late fall of the tax year for expenditure in the following calendar year. Taxing entities in Texas collect in arrears only in the sense that the taxable value is determined on the basis of market value on January 1 of each tax year.
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