Travis Texas Form 5558 2024

Travis Texas Form 5558: What You Should Know

JUN 1, 2024 — The tax levy to fund tax collection in Travis County is the largest in the state. This levy is based, first, on the sales tax in Travis County. LIMITATION ON TAXATION The tax levy collected from businesses, homeowners and other entities for public purposes must be used to finance a single general fund. Tax revenues are used to provide essential public services such as law enforcement, public education, and the courts. All property tax revenues are used exclusively for the purposes for which they were collected. Travis County cannot sell this money for personal use or for any other purpose. All tax revenues must be used at the rate that was collected. The value of these revenue sources must never be changed for personal or political use. Tax revenues may be subject to income tax if the law so provides. The property value of taxable property in Travis County is defined by Title 32 § 7. All items of assessment which relate to Travis County property must be reported to the Assessment Review Board when they are assessed by the Taxation and Finance Commission, the County Appraisal Districts, or another county or state agency. Any item assessed as taxable but not properly classified is a deficiency. If a deficiency is found, the tax amount may be adjusted for subsequent years, but the property must remain in the same classification and tax rate, without adjustment. The Taxation and Finance Commission and Travis County Appraisal Districts are charged with implementing, administering and enforcing the property classification programs and procedures promulgated by the Texas Commission on Environmental Quality and the Texas Department of State Health Services. The Taxation and Finance Commission has the responsibility to: Review applications for tax classification. Review and determine the value of a lot as required by Section 33.022 of Title 32. Review and determine the value of an assessed home as required by Section 33.022 of Title 32. Review and determine the value of a manufactured home as required by Section 33.002(a) of Title 32. Review and adjust the tax assessment of commercial properties assessed as an industrial use as required by Section 11.004(a) of Title 32. Approve determinations of the value of taxable property. Review reports on sales of taxable property and adjust determination of taxable property as required. Review and authorize determinations of the value of taxable and non-taxable property as required. Assign ownership to property owner(s) as required. A.

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