Terrell, Texas Property Taxes
The median property tax rate in Terrell, TX is 1.35%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Terrell, the typical annual property tax bill reaches $5,481, exceeding the national median of $2,690. Property taxes in Terrell 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 Terrell'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 Terrell 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
Terrell, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$5,757
$5,326
$1,148
Average Terrell, Texas Tax Savings
Ownwell’s Terrell Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Terrell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terrell to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Terrell. 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 Terrell, Texas
Property taxes in Terrell, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terrell is 1.35%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Terrell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terrell 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 Terrell's effective property tax rate to other counties in Texas and the national median. For comparison, the 75160 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Terrell provides valuable insights into the varying tax landscape across Hunt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terrell Tax Rate
1.35%
Average Hunt County Tax Rate
1.69%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terrell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75160 | 0.81% | 1.12% | 1.35% | 1.58% | 1.71% |
Source: Ownwell
$1,148
Average Terrell Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Terrell, Texas
In Terrell, 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 Hunt 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 Terrell, 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 Terrell is $426,420, and the annual tax bill can range significantly, from $2,589 at the 25th percentile to $9,518 at the 90th percentile. The zip code 75160 has both the highest and lowest median tax bills at $5,481. 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 Terrell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Terrell Assessed Value
$426,420
Average Hunt County Assessed Value
$198,210
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terrell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75160 | $80,210 | $236,730 | $426,420 | $561,530 | $733,726 |
Source: Ownwell
$1,148
Average Terrell Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Terrell, Texas
In Terrell, Hunt County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Terrell is $426,420, which significantly influences the tax bill. For instance, homeowners at the 25th percentile can expect a tax bill of around $2,589, while those at the 75th percentile might see bills as high as $7,483. The highest median tax bill in the area is $5,481, found in zip code 75160. These property taxes can be a substantial financial burden for homeowners, especially when compared to the national median property tax rate of 0.99%. Ownwell can assist homeowners in Terrell by providing expert property tax appeal and exemption services. By thoroughly reviewing property assessments and identifying discrepancies, Ownwell helps homeowners potentially lower their tax bills. This can lead to significant savings, making homeownership more affordable and reducing the financial strain of high property taxes.
Average Terrell Tax Bill
$5,481
Average Hunt County Tax Bill
$3,228
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Terrell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75160 | $1,046 | $2,589 | $5,481 | $7,483 | $9,518 |
Source: Ownwell
$1,148
Average Terrell Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Hunt Appraisal District | |
| Website | esearch.hunt-cad.org |
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