Knox City, Texas Property Taxes
The median property tax rate in Knox City, TX is 2.74%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Knox City, the typical annual property tax bill reaches $895, which is below the national median of $2,690. Property taxes in Knox City 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 Knox City'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 Knox City 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
Knox City, 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 Knox City Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Knox City with just two pieces of information. By entering your property's estimated assessed value, the calculator uses the median tax rate in Knox City to provide an estimated property tax bill. This user-friendly tool simplifies the process of understanding your potential tax liabilities. For those interested in more detailed insights, scrolling down reveals trends and localized information at the neighborhood level. Your property’s assessed value, determined by the county, is crucial for calculating property taxes and takes into account any applicable exemptions.
Property Tax Rates Across Knox City, Texas
Property taxes in Knox City, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knox City is 2.74%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Knox City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knox City 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 Knox City's effective property tax rate to other counties in Texas and the national median. For comparison, the 79529 zip code has the highest median property tax rate of 2.74%, while the same zip code also has the lowest median tax rate of 2.74%. Understanding how these cities compare with Knox City provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knox City Tax Rate
2.74%
Average Knox County Tax Rate
2.74%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knox City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79529 | 1.84% | 2.74% | 2.74% | 2.74% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across Knox City, Texas
In Knox City, 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 Knox 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. Assessment notices in Knox City 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. For instance, the median home price in Knox City is $33,285, and tax bills can range significantly, with the 25th percentile at $544 and the 90th percentile reaching $2,190. The highest and lowest median tax bills, both at $895, are found in the 79529 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Knox City Assessed Value
$33,285
Average Knox County Assessed Value
$31,450
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knox City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79529 | $6,231 | $19,948 | $33,285 | $55,908 | $89,885 |
Source: Ownwell
Property Tax Bills Across Knox City, Texas
In Knox City, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Knox City can expect their tax bills to vary significantly depending on their property's assessed value and the local tax rate. For example, the median home price in the city is $33,285, leading to a range of property tax bills. The 25th percentile tax bill is $544, while the 75th percentile reaches $1,421, and the 90th percentile can go as high as $2,190. These tax bills are influenced by various factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Knox City homeowners may find their tax liabilities to be relatively moderate. Understanding these factors can help homeowners plan better and potentially seek exemptions to reduce their tax burden.
Average Knox City Tax Bill
$895
Average Knox County Tax Bill
$916
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Knox City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79529 | $170 | $544 | $895 | $1,421 | $2,190 |
Source: Ownwell