Bonham, Texas Property Taxes
The median property tax rate in Bonham, TX is 1.41%, considerably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $180,000 in Bonham, the typical annual property tax bill amounts to $2,465, slightly below the national median of $2,690. Property taxes in Bonham are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Bonham'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 Bonham 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
Bonham, 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 Bonham Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Bonham. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Bonham to give you an accurate estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities and plan accordingly. For those interested in more granular details, you can explore neighborhood-level trends by scrolling down the page. Your property’s assessed value, determined by Fannin County, serves as the basis for these calculations and includes any applicable exemptions.
Property Tax Rates Across Bonham, Texas
Property taxes in Bonham, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonham is 1.41%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Bonham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonham 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 Bonham's effective property tax rate to other counties in Texas and the national median. For comparison, the 75418 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Bonham provides valuable insights into the varying tax landscape across Fannin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonham Tax Rate
1.41%
Average Fannin County Tax Rate
1.33%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonham, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75418 | 0.78% | 1.13% | 1.41% | 1.97% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Bonham, Texas
In Bonham, 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 Fannin 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 Bonham, 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 Bonham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Bonham is 75418, with a median tax bill of $2,465.
Average Bonham Assessed Value
$180,000
Average Fannin County Assessed Value
$196,430
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonham, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75418 | $62,024 | $99,300 | $180,000 | $303,890 | $487,652 |
Source: Ownwell
Property Tax Bills Across Bonham, Texas
In Bonham, located in Fannin County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates the market value of properties. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $180,000, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property size, location, and any applicable exemptions can influence the assessed value and, consequently, the tax bill. In Bonham, the tax bill ranges significantly, with the 25th percentile at $1,441 and the 75th percentile at $4,079, indicating a wide variation in property values and tax burdens. The highest median tax bill recorded in the area is $2,465, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Bonham Tax Bill
$2,465
Average Fannin County Tax Bill
$2,400
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonham, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75418 | $827 | $1,441 | $2,465 | $4,079 | $5,774 |
Source: 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 | |
|---|---|
| Fannin Appraisal District | |
| Website | esearch.fannincad.org |