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Highland Park, Texas Property Taxes

The median property tax rate in Highland Park, TX is 0.84%, notably lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $2,021,340 in Highland Park, the typical annual property tax bill reaches $16,909, significantly surpassing the national median of $2,690. Property taxes in Highland Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Highland Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Highland Park 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

Highland Park, Texas Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

0.84%

Estimate Property Tax Bill

$16,979

$15,710

SAVE WITH OWNWELL

$1,148

Average Highland Park, Texas Tax Savings

Ownwell’s Highland Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highland Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highland Park to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Highland Park. 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 Highland Park, Texas

Property taxes in Highland Park, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highland Park is 0.84%, lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Highland Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highland Park 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 Highland Park's effective property tax rate to other counties in Texas and the national median. For comparison, the 75205 zip code has the highest median property tax rate of 0.84%, while the 75205 zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Highland Park provides valuable insights into the varying tax landscape across Dallas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across Highland Park, Texas

Source: Ownwell

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0.78%

1.64%

2.51%

Average Highland Park Tax Rate

0.84%

Average Dallas County Tax Rate

1.71%

Average Texas Tax Rate

1.67%

Average United States Tax Rate

0.99%

Property Tax Rates Across Highland Park, Texas

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
N/AN/AN/AN/AN/A
752050.84%0.84%0.84%0.84%0.84%

Source: Ownwell

Property Tax Assessment Values Across Highland Park, Texas

In Highland Park, 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 Dallas 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. Assessment notices in Highland Park 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 Highland Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 75205 has both the highest and lowest median tax bills, each amounting to $16,909.

Property Tax Assessment Values Across Highland Park, Texas

Source: Ownwell

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$35,420

$1,172,740

$2,310,060

Average Highland Park Assessed Value

$2,021,340

Average Dallas County Assessed Value

$276,620

Average Texas Assessed Value

$247,950

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across Highland Park, Texas

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
N/AN/AN/AN/AN/A
75205$2,021,340$2,021,340$2,021,340$2,021,340$2,021,340

Source: Ownwell

Property Tax Bills Across Highland Park, Texas

In Highland Park, located in Dallas County, TX, property tax bills are calculated based on the assessed value of the home multiplied by the local tax rate. The median home price in Highland Park is $2,021,340, significantly higher than the national median. Consequently, the median property tax bill here is $16,909, which is also much higher than the national median property tax rate of 0.99%. Factors such as property size, location, and market conditions influence the assessed value, directly impacting the tax bill. For homeowners, these high property tax bills can be burdensome. This is where Ownwell steps in to help. By leveraging expertise in property tax appeals and exemptions, Ownwell can analyze your property's assessed value and identify potential inaccuracies or overestimations. Through a streamlined appeal process, Ownwell aims to reduce your property tax bill, providing significant savings and financial relief. Trust Ownwell to ensure you are not overpaying on your property taxes and to help you keep more of your hard-earned money.

Property Tax Bills Across Highland Park, Texas

Source: Ownwell

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$350

$13,378

$26,405

Average Highland Park Tax Bill

$16,909

Average Dallas County Tax Bill

$4,794

Average Texas Tax Bill

$3,971

Average United States Tax Bill

$2,690

Property Tax Bills Across Highland Park, Texas

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
N/AN/AN/AN/AN/A
75205$16,909$16,909$16,909$16,909$16,909

Source: Ownwell

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