Pennington, Texas Property Taxes
The median property tax rate in Pennington, TX is 0.80%, which is notably lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $178,035 in Pennington, the typical annual property tax bill is around $1,194, significantly less than the national median of $2,690. Property taxes in Pennington are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Gaining an understanding of Pennington's property tax system, exploring the available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Pennington or another part of the city, familiarizing yourself with the local property tax system can benefit both homeowners and real estate investors alike.
Last Updated June 14, 2024
Pennington, 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 Pennington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pennington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pennington 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 Pennington, Texas
Property taxes in Pennington, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pennington is 1.20%, significantly higher than both the Texas state median of 1.60% and the U.S. national median of 0.99%. Local government entities within Pennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pennington 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 Pennington's effective property tax rate to other counties in Texas and the national median. For comparison, the 75856 zip code has the highest median property tax rate of 1.20%, while the 75856 zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Pennington provides valuable insights into the varying tax landscape across Trinity County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pennington Tax Rate
0.80%
Average Trinity County Tax Rate
1.50%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pennington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75856 | 0.28% | 0.55% | 0.80% | 1.18% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Pennington, Texas
In Pennington, 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 Trinity 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 Pennington, 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 Pennington is $178,035. Homeowners in the 25th percentile of tax bills pay around $590, while those in the 75th percentile pay about $1,591. The highest median tax bill is $1,194 in the 75856 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pennington Assessed Value
$178,035
Average Trinity County Assessed Value
$68,839
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pennington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75856 | $30,848 | $57,484 | $178,035 | $355,369 | $601,575 |
Source: Ownwell
Property Tax Bills Across Pennington, Texas
In Pennington, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by the local government. Factors such as home improvements, market conditions, and neighborhood changes can influence the assessed value. For example, the median home price in Pennington is $178,035. Property tax bills can vary significantly, with the 25th percentile at $590 and the 75th percentile at $1,591, indicating a wide range of tax burdens among homeowners. At the 90th percentile, tax bills can reach up to $3,498, reflecting the upper end of the spectrum. This variability affects homeowners differently, potentially impacting affordability and financial planning. Comparing this to the national median property tax rate of 0.99%, Pennington's property tax bills reflect the unique economic conditions and local policies of the area.
Average Pennington Tax Bill
$1,194
Average Trinity County Tax Bill
$945
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Pennington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75856 | $248 | $590 | $1,194 | $1,591 | $3,498 |
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 | |
|---|---|
| Trinity Appraisal District | |
| Website | propaccess.trueautomation.com |