The following tax adjustment procedure must be completed by the county clerk on or before the third Monday in November, after all due process proceedings of the county equalization board and county court. Upon completion, the county clerk shall record and file the original, sending certified copies to the county quorum court and the Assessment Coordination Division by the third Monday in November.
Public Utility and Regulated Carrier Property Tax Adjustment Procedure For the Year for (Company Name) in (Taxing Unit) (County) I. Calculating Base-Year Taxes: a. Base year total assessment: b. Base year millage rate prior to rollback: c. Base year taxes (line a x b); II. Calculating Current Year Taxes: a. Current year total assessment: b. Current year millage rate after rollback: c. Current year taxes (Line a x b); III. Property Tax Adjustment Time Frame: a. Base year: b. First five-year adjustment period: Adjustment Year Year Date 1 1st Year After Base Year 2 2nd Year After Base Year 3 3rd Year After Base Year 4 4th Year After Base Year 5 5th Year After Base Year c. Second five-year adjustment period: Adjustment Year Year Date 6 6th Year After Base Year 7 7th Year After Base Year 8 8th Year After Base Year 9 9th Year After Base Year 10 10th Year After Base Year IV. Property Tax Calculations: a. First five-year adjustment period: 1. Are current year taxes from Item II greater than base year taxes from Item I? a. Yes. Then Current Year Taxes only are to be billed and the adjustment process is complete. b. No. Then Base Year Taxes only are to be billed. b. Second five-year adjustment period: 1. Are current year taxes (from Item II) greater than base year taxes (from Item I)? a. Yes. Then Current Year Taxes only are to be billed and the adjustment process is complete. b. No. Then complete the following adjustment process to calculate the adjusted tax due. 2. Tax due adjustment procedure: Adj. Year Base Year Taxes - Current Year Taxes x Adjust. Factor + Current Year Taxes = Adjusted Tax Due 6 - x .80 + = 7 - x .60 + = 8 - x .40 + = 9 - x .20 + = 10 - x Ø + =
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