All things TNT
TAX RATE CALCULATOR and SB2 TNT Website
Discover the power of the BIS Truth In Taxation Website and TNT Calculator
BIS Consultants’ Truth in Taxation (TNT) Website and Calculator can make life much easier for those calculating rates for the over 4300 Texas Ad Valorem taxing units.
The TNT Website has tremendous value in the tool’s ease of use, simplicity, and great user interface.
The TNT Calculator eliminates manual calculations and produces the required tax rate worksheets. Both products adhere to the property tax laws.
BEST Practice: The calculator may be linked to the website to populate the tax rate information directly from the worksheets to save time and data entry.
Texas Truth-In-Taxation (TNT)
- Promotes transparency in the tax rate calculations and resulting tax bill.
- The concept embodied in the Texas Constitution requires local taxing units to make taxpayers aware of the tax rate proposals. It allows Texans a voice in the taxing unit’s property tax rate decision-making.
Establishing a tax rate using the Texas Ad Valorem Taxation System has seen many changes over the years. In 2019, Texas legislators passed the Texas Property Tax Reform and Transparency Act (SB 2), designed to protect taxpayers and demystify property taxes.
This new law required local appraisal districts to publish detailed information on a TNT-dedicated website to help residents understand proposed budgets and tax rates. Because of SB 2, Texas taxpayers have greater control over their tax bills than ever before.
Each appraisal district’s Truth in Taxation website allows taxpayers to provide feedback to taxing units. Texas taxpayers can see information about their taxing units, estimated taxes, and upcoming dates for public hearings.
As a result, BIS Consultants created the Truth in Taxation website to publish the proposed tax rates. BIS went beyond the basic requirements to offer a robust tool that is easy for appraisal districts and taxpayers alike.
The website shows a breakdown of all the tax rates contributing to a property owner’s tax bill. The Truth in Taxation website also lists the dates and locations of public hearings where tax rates are discussed. These sites provide detailed information that allows the public to attend and vote on proposed tax rates.
TNT Tax Rate Calculator
The Comptroller’s office prescribes the tax rate calculation forms taxing units are required to determine tax rates. Thankfully, the BIS Tax Rate Calculator can automate the process and populates the calculated totals. Although information must be entered by hand, automated calculations improve accuracy and efficiency.
Top tips below:
- The TNT Calculator may be linked to the TNT Website to populate the tax rate information directly from the worksheets to save time and data entry.
- Customized settings are available to structure the notices and worksheets.
- Request necessary information in writing from the taxing units, collectors, and appraisal district early. Include access instructions for TNT Website data entry.
- Allow TNT Website user access to the Assessor or designated officer of the taxing units for additional data entry.
- Post reminders to property owners that the TNT Website tax estimates will be incomplete until all tax rates are adopted in September.
- Current information in the Calculator is retained for retention purposes and use in next year’s data entry.