Oakwood, Texas Property Taxes
The median property tax rate in Oakwood, TX is 1.51%, which is considerably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Oakwood at $101,545, the typical annual property tax bill reaches $1,285, falling below the national median of $2,690. Property taxes in Oakwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oakwood'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 Oakwood 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
Oakwood, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$1,533
$1,419
Ownwell’s Oakwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakwood 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 Oakwood, Texas
Property taxes in Oakwood, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakwood is 1.51%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Oakwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakwood 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 Oakwood's effective property tax rate to other counties in Texas and the national median. For comparison, the 75855 zip code has the highest median property tax rate of 1.51%, while the 75855 zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Oakwood provides valuable insights into the varying tax landscape across Leon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakwood Tax Rate
1.51%
Average Leon County Tax Rate
1.60%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakwood, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75855 | 0.46% | 1.36% | 1.51% | 1.62% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Texas
In Oakwood, 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 Leon 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 Oakwood, 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 example, the median home price in Oakwood is $101,545, with tax bills ranging from $603 at the 25th percentile to $4,057 at the 90th percentile. The zip code 75855 has both the highest and lowest median tax bill at $1,285. 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 Oakwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakwood Assessed Value
$101,545
Average Leon County Assessed Value
$129,755
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakwood, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75855 | $21,510 | $47,710 | $101,545 | $207,470 | $339,445 |
Source: Ownwell
Property Tax Bills Across Oakwood, Texas
In Oakwood, located in Leon County, TX, property tax bills are calculated based on the assessed value of a home. The median home price in Oakwood is $101,545. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, property size, and any improvements made. For homeowners, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $603, while the 75th percentile tax bill reaches $2,629. At the 90th percentile, homeowners could see tax bills as high as $4,057. These taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Comparatively, Oakwood's property tax rates may appear substantial when set against the national median property tax rate of 0.99%. Understanding these elements helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Oakwood Tax Bill
$1,285
Average Leon County Tax Bill
$1,738
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakwood, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75855 | $260 | $603 | $1,285 | $2,629 | $4,057 |
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 | |
|---|---|
| Leon Appraisal District | |
| Website | www.leoncad.org |