Honey Grove, Texas Property Taxes
The median property tax rate in Honey Grove, TX is 1.33%, higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $143,565 in Honey Grove, the typical annual property tax bill amounts to $1,834, which is below the national median of $2,690. Property taxes in Honey Grove are based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Honey Grove'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 Honey Grove 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
Honey Grove, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,909
$1,767
Ownwell’s Honey Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Honey Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Honey Grove 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 Honey Grove, Texas
Property taxes in Honey Grove, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Honey Grove is 1.33%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Honey Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Honey Grove 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 Honey Grove's effective property tax rate to other counties in Texas and the national median. For comparison, the 75446 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Honey Grove 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 Honey Grove Tax Rate
1.33%
Average Fannin County Tax Rate
1.33%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Honey Grove, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75446 | 0.58% | 1.02% | 1.33% | 1.92% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Honey Grove, Texas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Honey Grove, Texas. The market value represents 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 Honey Grove, 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. For instance, the median home price in Honey Grove is $143,565, with tax bills ranging significantly. The 25th percentile tax bill is $952, while the 75th percentile tax bill is $3,204, and the 90th percentile tax bill reaches $4,970. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness can help identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Honey Grove Assessed Value
$143,565
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 Honey Grove, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75446 | $35,763 | $74,140 | $143,565 | $284,800 | $522,899 |
Source: Ownwell
Property Tax Bills Across Honey Grove, Texas
In Honey Grove, located in Fannin County, TX, property tax bills are determined by the assessed value of a home and the applicable tax rate. The median home price in this area is $143,565, which serves as a baseline for calculating taxes. Local taxing authorities assess property values annually, taking into account factors like market conditions, property improvements, and neighborhood trends. Homeowners in Honey Grove can expect their tax bills to vary significantly. For instance, tax bills at the 25th percentile are around $952, while those at the 75th percentile reach up to $3,204. At the higher end, the 90th percentile tax bill can soar to $4,970. Compared to the national median property tax rate of 0.99%, the rates in Honey Grove reflect local economic conditions and public service funding needs. These property taxes directly impact homeowners by influencing their monthly mortgage payments and overall housing affordability. High property taxes can be a financial burden, while lower taxes can make homeownership more accessible.
Average Honey Grove Tax Bill
$1,834
Average Fannin County Tax Bill
$2,400
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Honey Grove, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75446 | $440 | $952 | $1,834 | $3,204 | $4,970 |
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 |