Seminole, Texas Property Taxes
The median property tax rate in Seminole, TX is 1.76%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Seminole at $95,470, the typical annual property tax bill reaches $1,418, which is below the national median of $2,690. Property taxes in Seminole 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 Seminole'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 Seminole 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
Seminole, 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 Seminole Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seminole with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seminole 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 Seminole, Texas
Property taxes in Seminole, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seminole is 1.76%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Seminole set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seminole 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 Seminole's effective property tax rate to other counties in Texas and the national median. For comparison, the 79360 zip code has the highest median property tax rate of 1.76%, while the 79360 zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Seminole provides valuable insights into the varying tax landscape across Gaines County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seminole Tax Rate
1.76%
Average Gaines County Tax Rate
1.79%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seminole, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79360 | 0.67% | 1.19% | 1.76% | 2.03% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Seminole, Texas
In Seminole, 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 Gaines 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 Seminole, 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 Seminole helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 79360, amounting to $1,418. The same zip code also has the lowest median tax bill, reflecting the uniformity in property tax assessments within the area.
Average Seminole Assessed Value
$95,470
Average Gaines County Assessed Value
$85,350
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seminole, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79360 | $18,233 | $44,648 | $95,470 | $181,295 | $278,318 |
Source: Ownwell
Property Tax Bills Across Seminole, Texas
In Seminole, located in Gaines County, TX, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in this area is $95,470. To determine your tax bill, the local tax authority assesses your property to establish its taxable value. This assessed value is then multiplied by the local tax rate to calculate your annual property tax bill. Several factors influence your property tax bill, including the assessed value of your home, any applicable exemptions, and the specific tax rate set by local authorities. For example, homeowners in the 25th percentile of tax bills pay around $580, while those in the 75th percentile pay approximately $2,880. The 90th percentile tax bill can reach up to $4,503. These property taxes significantly impact homeowners by contributing to public services such as schools, emergency services, and infrastructure. Understanding how property tax bills are calculated can help homeowners manage their finances more effectively and anticipate annual expenses.
Average Seminole Tax Bill
$1,418
Average Gaines County Tax Bill
$1,283
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Seminole, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79360 | $263 | $580 | $1,418 | $2,880 | $4,503 |
Source: Ownwell