Prosper, Texas Property Taxes
The median property tax rate in Prosper, TX is 1.75%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Prosper at $663,000, the typical annual property tax bill reaches $11,848, significantly exceeding the national median of $2,690. Property taxes in Prosper 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 Prosper'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 Prosper 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
Prosper, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
$2,192
$1,148
Average Prosper, Texas Tax Savings
Ownwell’s Prosper Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prosper with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prosper 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 Prosper. 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 Prosper, Texas
Property taxes in Prosper, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prosper is 1.75%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Prosper set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prosper 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 Prosper's effective property tax rate to other counties in Texas and the national median. For comparison, the 75078 zip code has the highest median property tax rate of 1.75%, while the 75078 zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Prosper provides valuable insights into the varying tax landscape across Denton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prosper Tax Rate
1.75%
Average Denton County Tax Rate
1.65%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prosper, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75078 | 1.41% | 1.53% | 1.75% | 1.96% | 2.33% |
Source: Ownwell
$1,148
Average Prosper Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Prosper, Texas
In Prosper, 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 Denton 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 Prosper, 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 Prosper helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Prosper, the zip code 75078 has the highest and lowest median tax bill at $11,848.
Average Prosper Assessed Value
$663,000
Average Denton County Assessed Value
$444,000
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prosper, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75078 | $434,678 | $513,000 | $663,000 | $883,977 | $1,041,000 |
Source: Ownwell
$1,148
Average Prosper Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Prosper, Texas
In Prosper, located in Denton County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local appraisal district. The median home price in Prosper is $663,000, and the property tax rate is derived from this assessed value. Factors such as the property's location, size, and market conditions influence the assessed value. For homeowners, this means the annual tax bill can vary significantly, with the 25th percentile tax bill at $9,432 and the 75th percentile reaching $14,882. The highest median tax bill in Prosper is $11,848, which is notably higher than the national median property tax rate of 0.99%. Ownwell can assist homeowners in Prosper by providing expert property tax appeal and exemption services. By leveraging deep knowledge of local tax regulations and market conditions, Ownwell helps homeowners potentially reduce their assessed property value, leading to significant savings on their annual tax bills. This service ensures that homeowners are not overpaying and are only taxed on a fair and accurate property value.
Average Prosper Tax Bill
$11,848
Average Denton County Tax Bill
$7,425
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Prosper, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75078 | $7,535 | $9,432 | $11,848 | $14,882 | $17,779 |
Source: Ownwell
$1,148
Average Prosper Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Denton Appraisal District | |
| Phone | (940) 349-3910 |
| Website | esearch.dentoncad.com |
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