Wake Village, Texas Property Taxes
The median property tax rate in Wake Village, TX is 2.01%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Wake Village, the typical annual property tax bill reaches $3,267, exceeding the national median of $2,690. Property taxes in Wake Village are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wake Village's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wake Village or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wake Village, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$3,496
-$36,638
Ownwell’s Wake Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wake Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wake Village to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wake Village, Texas
Property taxes in Wake Village, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wake Village is 2.01%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Wake Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wake Village estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Wake Village's effective property tax rate to other counties in Texas and the national median. For comparison, the 75501 zip code has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Wake Village provides valuable insights into the varying tax landscape across Bowie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wake Village Tax Rate
2.01%
Average Bowie County Tax Rate
1.79%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wake Village, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75501 | 1.80% | 1.85% | 2.01% | 2.02% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Wake Village, Texas
In Wake Village, Texas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bowie County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Wake Village, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Wake Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,267 in the 75501 zip code, while the lowest is also $3,267 in the same zip code.
Average Wake Village Assessed Value
$173,928
Average Bowie County Assessed Value
$119,330
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wake Village, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75501 | $61,998 | $105,830 | $173,928 | $224,863 | $268,768 |
Source: Ownwell
Property Tax Bills Across Wake Village, Texas
In Wake Village, property tax bills are determined based on the assessed value of a homeowner's property. The assessed value is a percentage of the market value, which is established by the local tax assessor. Several factors influence this assessment, including property size, location, and market conditions. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the property tax bill. For homeowners in Wake Village, the median home price is $173,928. Property tax bills can vary significantly, with the 25th percentile bill at $2,081 and the 75th percentile bill at $4,275. At the higher end, the 90th percentile tax bill reaches $5,070. These figures indicate that property taxes can be a substantial financial consideration for homeowners. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in the 75501 zip code experience a median tax bill of $3,267, reflecting the specific tax environment of Bowie County. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Wake Village Tax Bill
$3,267
Average Bowie County Tax Bill
$2,049
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Wake Village, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75501 | $1,242 | $2,081 | $3,267 | $4,275 | $5,070 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Bowie Appraisal District | |
| Website | bowieappraisal.com |