Sherwood, Texas Property Taxes
The median property tax rate in Sherwood, TX is 1.15%, which is higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Sherwood, the typical annual property tax bill reaches $100, falling below the national median of $2,690. Property taxes in Sherwood 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 Sherwood'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 Sherwood 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
Sherwood, 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 Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherwood 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 Sherwood, Texas
Property taxes in Sherwood, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherwood is 1.15%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other counties in Texas and the national median. For comparison, the 76941 zip code has the highest median property tax rate of 1.15%, while the 76941 zip code has the lowest median tax rate of 1.15%. Understanding how these cities compare with Sherwood provides valuable insights into the varying tax landscape across Irion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sherwood Tax Rate
1.15%
Average Irion County Tax Rate
1.44%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherwood, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76941 | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, Texas
In Sherwood, 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 Irion 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 Sherwood, 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. The median home price in Sherwood is $8,760. 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sherwood Assessed Value
$8,760
Average Irion County Assessed Value
$74,965
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sherwood, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76941 | $8,760 | $8,760 | $8,760 | $8,760 | $8,760 |
Source: Ownwell
Property Tax Bills Across Sherwood, Texas
In Sherwood, Irion 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 appraisal district and reflects the market value of the home. For homeowners in Sherwood, the median home price stands at $8,760. Once the property's assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. In Irion County, the property tax rate is compared against the national median of 0.99%. Homeowners in Sherwood can expect their tax bill to vary significantly depending on their property's assessed value. For instance, tax bills in the 25th, 75th, and 90th percentiles are all around $100. These tax bills directly impact homeowners by influencing their annual housing costs. Lower assessed values and tax rates can lead to more affordable living, while higher values and rates can increase the financial burden on property owners. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Sherwood Tax Bill
$100
Average Irion County Tax Bill
$1,083
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76941 | $100 | $100 | $100 | $100 | $100 |
Source: Ownwell