Tangible property is subject to local taxation in Texas, and is appraised and assessed at 100% fair market value. Property subject to taxes are divided into two categories: real and personal property. Personal property is defined as “all movable items not permanently affixed to or a part of the real estate”. Real property is any property that is not personal property.
Real property is appraised by the Collin County Appraisal District, For personal property, businesses provide the appraisal district with the fair market value each year. The property is then depreciated according to the county’s depreciation schedule.
Property tax rates (per $100 valuation):
|City of Allen
While not reflected here, it should be noted that strong growth has allowed these entities to lower the property tax rate by 12.9% over the last 10 years. In addition, property tax abatements can lower a project’s property tax obligations for up to 10 years.