Waco, Texas Property Taxes
The median property tax rate in Waco, TX is 1.81%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Waco at $23,335, the typical annual property tax bill reaches $441, which is well below the national median of $2,690. Property taxes in Waco 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 Waco'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 Waco 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
Waco, 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 Waco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waco 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 Waco, Texas
Property taxes in Waco, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waco is 1.81%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Waco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waco 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 Waco's effective property tax rate to other counties in Texas and the national median. For comparison, the 76705 zip code has the highest median property tax rate of 2.51%, while 76706 has the lowest median tax rate of 1.81%. Understanding how these cities compare with Waco 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 Waco Tax Rate
1.81%
Average Falls County Tax Rate
2.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waco, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76705 | 2.51% | 2.51% | 2.51% | 2.51% | 2.51% |
| 76706 | 0.99% | 1.27% | 1.81% | 1.81% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Waco, Texas
In Waco, 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 Waco, 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 Waco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, residents in zip code 76706 face the highest median tax bill at $524, while those in zip code 76705 have the lowest at $359.
Average Waco Assessed Value
$23,335
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 Waco, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76705 | $14,290 | $14,290 | $14,290 | $14,290 | $14,290 |
| 76706 | $9,222 | $15,405 | $28,910 | $107,660 | $156,748 |
Source: Ownwell
Property Tax Bills Across Waco, Texas
In Waco, located in 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's appraisal district and typically reflects the market value of the property. The local tax rate is set by various taxing entities, such as school districts, cities, and counties, and is applied to the assessed value to calculate the annual tax bill. Homeowners in Waco experience a range of tax bills. For instance, the median home price is $23,335, leading to varying tax bills across different percentiles. The 25th percentile tax bill is around $302, while the 75th percentile reaches $862. The highest median tax bill in the area, $524, is found in the 76706 zip code, whereas the lowest median tax bill, $359, is in the 76705 zip code. These property taxes significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to budget effectively and anticipate future expenses.
Average Waco Tax Bill
$441
Average Falls County Tax Bill
$1,609
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Waco, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76705 | $359 | $359 | $359 | $359 | $359 |
| 76706 | $167 | $280 | $524 | $912 | $1,367 |
Source: Ownwell