Troy, Texas Property Taxes
The median property tax rate in Troy, TX is 1.56%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Troy at $239,350, the typical annual property tax bill reaches $3,258, exceeding the national median of $2,690. Property taxes in Troy 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 Troy'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 Troy 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
Troy, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$3,734
$3,455
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Texas
Property taxes in Troy, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 1.56%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in Texas and the national median. For comparison, the 76579 zip code has the highest median property tax rate of 1.56%, while the 76579 zip code has the lowest median tax rate of 1.56%. Understanding how these cities compare with Troy 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 Troy Tax Rate
1.56%
Average Falls County Tax Rate
2.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76579 | 0.73% | 1.14% | 1.56% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Texas
In Troy, 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Troy is $3,258 in the 76579 zip code, while the lowest median tax bill is also $3,258 in the same zip code.
Average Troy Assessed Value
$239,350
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 Troy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76579 | $45,038 | $99,370 | $239,350 | $383,230 | $566,624 |
Source: Ownwell
Property Tax Bills Across Troy, Texas
In Troy, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Factors such as property size, location, and improvements can influence this valuation. Homeowners in Troy can expect property tax bills to vary widely, with the 25th percentile at $1,173 and the 75th percentile reaching $4,846. The highest median tax bill in the area is $3,258, which is also the lowest median tax bill, indicating a consistent tax rate within the zip code 76579. Compared to the national median property tax rate of 0.99%, homeowners in Troy may find their tax bills to be relatively moderate, depending on their property's assessed value. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Understanding how these factors interplay can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Troy Tax Bill
$3,258
Average Falls County Tax Bill
$1,609
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76579 | $597 | $1,173 | $3,258 | $4,846 | $5,780 |
Source: Ownwell