Past due taxes are charged interest beginning 61 days after the due date. Cities, counties and hospital districts may levy a sales tax specifically to reduce property taxes.2 These taxing units reduce the no-new-revenue tax rate in the first year only and voter-approval tax rates every year thereafter to account for the property tax reduction paid for by the expected sales tax revenue. Comprehensive research, news, insight, productivity tools, and more. Businesses with more than $10 million in revenue pay a franchise tax of 1%.