Westlake, Texas Property Taxes
The median property tax rate in Westlake, TX is 1.25%, which is notably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $3,035,243, the typical annual property tax bill in Westlake amounts to $37,093, significantly surpassing the national median of $2,690. Property taxes in Westlake are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Westlake's property tax system, exploring all available exemptions, and identifying opportunities for tax reductions can result in substantial annual savings. Whether you're residing in Westlake or investing in real estate, being well-informed about the local property tax system is crucial for maximizing your financial benefits.
Last Updated June 14, 2024
Westlake, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
$2,192
$1,148
Average Westlake, Texas Tax Savings
Ownwell’s Westlake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westlake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westlake 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 Westlake. 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 Westlake, Texas
Property taxes in Westlake, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westlake is 1.25%, higher than both the Texas state median of 1.6% and the U.S. national median of 0.99%. Local government entities within Westlake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westlake 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 Westlake's effective property tax rate to other counties in Texas and the national median. For comparison, the 76262 zip code has the highest median property tax rate of 1.25%, while the 76262 zip code has the lowest median tax rate of 1.25%. Understanding how these cities compare with Westlake provides valuable insights into the varying tax landscape across Tarrant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westlake Tax Rate
1.25%
Average Tarrant County Tax Rate
1.70%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westlake, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76262 | 0.86% | 1.07% | 1.25% | 1.45% | 1.70% |
Source: Ownwell
$1,148
Average Westlake Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Westlake, Texas
In Westlake, 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 Tarrant 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 Westlake, 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. For example, the median home price in Westlake is $3,035,243, with tax bills ranging from $28,832 at the 25th percentile to $71,884 at the 90th percentile. The zip code 76262 has both the highest and lowest median tax bill value of $37,093. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Westlake Assessed Value
$3,035,243
Average Tarrant County Assessed Value
$306,713
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westlake, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76262 | $1,004,899 | $2,344,997 | $3,035,243 | $4,172,219 | $5,646,231 |
Source: Ownwell
$1,148
Average Westlake Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Westlake, Texas
Property tax bills in Westlake, Tarrant County, TX, are calculated based on the assessed value of a property and the local tax rate. With a median home price of $3,035,243, homeowners in Westlake face significant property tax bills. The tax bill ranges from $28,832 at the 25th percentile to $71,884 at the 90th percentile, reflecting the high property values in the area. These tax bills are determined by multiplying the assessed value of the home by the local tax rate, which can vary based on local government budgets and school funding needs. For homeowners, these high property tax bills can be a substantial financial burden. Ownwell helps homeowners by offering property tax appeal and exemption services. By analyzing the assessed value and comparing it to market trends, Ownwell can identify discrepancies and file appeals on behalf of homeowners. This can result in significant savings, reducing the tax burden and ensuring that homeowners are not overpaying on their property taxes.
Average Westlake Tax Bill
$37,093
Average Tarrant County Tax Bill
$5,114
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Westlake, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76262 | $11,820 | $28,832 | $37,093 | $51,414 | $71,884 |
Source: Ownwell
$1,148
Average Westlake Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 24 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Tarrant Appraisal District | |
| Phone | (817) 284-0024 |
| Website | www.tad.org |
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