Midland Central Appraisal District’s goal is to facilitate local funding for schools, cities, counties, and other districts that rely on local property values by providing accurate property assessments. They offer a variety of partial and absolute exemptions, including General Residential Homestead, Over 65, Over 55 Surviving Spouse, Disability Homestead, Disabled Veterans, Charitable, Religious, Freeport, and Pollution Control.
To be eligible for an exemption, you must own your home and it must be your primary residence. Depending on the exemption, additional qualifications may also apply. In the coming sections, you can find important contact info regarding Midland Central Appraisal District like the mailing address, and more.
Midland Central Appraisal District Mailing Address
Midland Central Appraisal District
P.O. Box 908002
Midland, Texas 79708-0002
Phone: (432) 699 – 4991
Fax: (432) 689 – 7185
PROPERTY TAX COLLECTIONS
Please address any property tax questions to Midland Central Appraisal District:
P.O. Box 908002
Midland, TX 79708-0002
Rights Under the Texas Constitution
The Texas constitution outlines five fundamental principles for property taxes in the state. Property taxes must be equal and uniform, ensuring that no property or property type pays more than its fair share. Property must be appraised based on its current market value, which is the price at which it would sell when neither the buyer nor the seller is under any pressure to buy or sell.
To ensure a single appraised value for each property in a county, county appraisal districts are used. All property is taxable, except for those that are exempt under federal or state law. Property owners have a right to reasonable notice of any increase in their appraised property value.
Homestead Cap and Fair Market Value
A Homestead Cap is a limit on the increase in the appraised value of a homeowner’s primary residence for property tax purposes. In many states, including Texas, homeowners who qualify for a homestead exemption are protected from large increases in their property tax bill due to rapidly rising property values. The Homestead Cap limits the amount that the appraised value of a homestead can increase from year to year, typically to no more than 10 percent per year. This helps to protect homeowners from being taxed out of their homes due to rapidly rising property values.
Fair market value is an important concept to understand when it comes to buying or selling property. Essentially, it refers to the estimated price that a property would fetch on the open market under normal conditions. This means that the property would be exposed for sale for a reasonable amount of time, with both the buyer and seller having access to all the relevant information about the property. Additionally, both parties would be looking to maximize their gains without taking advantage of each other. By understanding fair market value, buyers and sellers can ensure that they are getting a fair price for a property and avoid any potential disputes down the line.