Reagan, Texas Property Taxes
The median property tax rate in Reagan, TX is 2.41%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Reagan, the typical annual property tax bill reaches $1,236, exceeding the national median of $2,690. Property taxes in Reagan 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 Reagan'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 Reagan 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
Reagan, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$1,846
$1,708
Ownwell’s Reagan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reagan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reagan 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 Reagan, Texas
Property taxes in Reagan, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reagan is 2.41%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Reagan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reagan 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 Reagan's effective property tax rate to other counties in Texas and the national median. For comparison, the 76680 zip code has the highest median property tax rate of 2.41%, while the same zip code also has the lowest median tax rate of 2.41%. Understanding how these cities compare with Reagan provides valuable insights into the varying tax landscape across Falls County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reagan Tax Rate
2.41%
Average Falls County Tax Rate
2.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reagan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76680 | 0.83% | 1.43% | 2.41% | 2.56% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Reagan, Texas
In Reagan, 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 Falls 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 Reagan, 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 Reagan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 76680 has the highest median tax bill at $1236, while the lowest median tax bill is also $1236.
Average Reagan Assessed Value
$76,590
Average Falls County Assessed Value
$76,900
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reagan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76680 | $17,376 | $36,890 | $76,590 | $135,490 | $249,550 |
Source: Ownwell
Property Tax Bills Across Reagan, Texas
In Reagan, Falls County, TX, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Reagan face a median home price of $76,590. The property tax rate in this region is applied to this assessed value to determine the annual tax bill. For example, homeowners at the 25th percentile can expect a tax bill of around $701, while those at the 75th percentile might see bills closer to $2,380. At the 90th percentile, tax bills can reach up to $3,834. These figures illustrate the variability in property tax burdens based on property values. Comparatively, Reagan's property tax rates can be seen as moderate when placed against the national median property tax rate of 0.99%. This means that homeowners in Reagan might experience a less significant financial impact from property taxes than those in higher-tax regions, making it a potentially more affordable area for property ownership.
Average Reagan Tax Bill
$1,236
Average Falls County Tax Bill
$1,609
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Reagan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76680 | $369 | $701 | $1,236 | $2,380 | $3,834 |
Source: Ownwell