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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Texas is 1 of only 7 states that do not tax individual wage income. The state’s constitution restricts passage of a personal income tax. The Lone Star State, however, does collect a gross receipts tax from some businesses. More on Texas taxes can be found in the tabbed pages below. Personal income tax
Texas residents pay no personal state income tax. The state does, however, impose a variety of other taxes. A list and rates can be found at the Texas Comptroller’s . Sales taxes
Texas has a 6.25% . Local sales and use taxes levied by , , and can add up to 2% to the sales tax, making the combined total on purchases as high as 8.25%. You can find your specific sales tax rate on the . Personal and real property taxes
Texas does not have a state property tax. Local taxing units — counties, cities and school districts — assess and collect on all real and income-producing tangible personal property not exempt by state or federal law. Personal property — including automobiles, airplanes, boats and travel trailers — that does not produce income is mostly exempt from taxation. Total tax rates vary from and may change from year to year. A is available for all who owned property on Jan. 1. A greater exemption is available for taxpayers who are 65 and older or disabled. Homeowners need to file , with their appropriate taxing jurisdictions between Jan. 1 and no later than April 30. Inheritance and estate taxes
Texas does not impose an . Because of the phaseout of the federal estate tax credit, Texas’ estate tax is not imposed on estates of people who died in 2005 or later. Other Texas tax facts
Recreational boating is big in Texas, so the state collects a sales tax on the price of a boat or boat motor (minus any trade-in allowance) purchased in the state. The state’s corresponding use tax (less credit for taxes paid to another state) also is imposed on any boat or boat motor purchased outside of Texas and brought into the Lone Star state. A $15 fee may be due on a boat or boat motor brought into Texas by a new resident. The Lone Star State’s franchise tax applies to all active businesses receiving state law liability protection. An online calculator can help you figure your potential business tax liability. A variety of publications and financial reports for various state-funded programs is available on the comptroller’s . For more information, contact the Texas Comptroller of public accounts at (800) 531-5441, ext. 5-0996, or visit the . To download tax forms on this site, you will need to install a free copy of Adobe Acrobat Reader. Click for instructions. Related Links: Related Articles: SHARE: Kay Bell Related Articles