Penwell, Texas Property Taxes
The median property tax rate in Penwell, TX is 1.79%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Penwell, the typical annual property tax bill reaches $556, which is considerably lower than the national median of $2,690. Property taxes in Penwell 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 Penwell'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 Penwell 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
Penwell, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Penwell Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Penwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penwell 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 Penwell, Texas
Property taxes in Penwell, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penwell is 1.79%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Penwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penwell 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 Penwell's effective property tax rate to other counties in Texas and the national median. For comparison, the 79776 zip code has both the highest and lowest median property tax rate of 1.79%. Understanding how these cities compare with Penwell provides valuable insights into the varying tax landscape across Ector County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penwell Tax Rate
1.79%
Average Ector County Tax Rate
1.72%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penwell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79776 | 0.98% | 1.51% | 1.79% | 1.86% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Penwell, Texas
In Penwell, 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 Ector 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 Penwell, 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. The zip code 79776 has both the highest and lowest median tax bill at $556. Being aware of these valuation processes in Penwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Penwell Assessed Value
$61,450
Average Ector County Assessed Value
$114,531
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penwell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79776 | $6,838 | $7,908 | $61,450 | $224,821 | $291,278 |
Source: Ownwell
Property Tax Bills Across Penwell, Texas
In Penwell, TX, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the Ector County Appraisal District and reflects the market value of your property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Penwell, the median home price is $61,450. Tax bills can vary significantly, with the 25th percentile at $142 and the 75th percentile at $3,104. At the 90th percentile, tax bills can reach up to $4,518. These figures illustrate the range of potential tax liabilities that homeowners might face. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Penwell's property taxes stack up against other regions. For those living in the 79776 zip code, the median tax bill is $556, reflecting the area's specific tax dynamics. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Penwell Tax Bill
$556
Average Ector County Tax Bill
$1,683
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Penwell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79776 | $127 | $142 | $556 | $3,104 | $4,518 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 22 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Ector Appraisal District | |
| Website | search.ectorcad.org |