Summerfield, Texas Property Taxes
The median property tax rate in Summerfield, TX is 1.76%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Summerfield, the typical annual property tax bill reaches $759, which is below the national median of $2,690. Property taxes in Summerfield 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 Summerfield'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 Summerfield 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
Summerfield, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$761
$704
Ownwell’s Summerfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summerfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summerfield 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 Summerfield, Texas
Property taxes in Summerfield, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summerfield is 1.76%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Summerfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summerfield 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 Summerfield's effective property tax rate to other counties in Texas and the national median. For comparison, the 79085 zip code has the highest median property tax rate of 1.76%, while the 79085 zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Summerfield provides valuable insights into the varying tax landscape across Castro County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summerfield Tax Rate
1.76%
Average Castro County Tax Rate
2.39%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summerfield, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79085 | 1.49% | 1.76% | 1.76% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Summerfield, Texas
In Summerfield, 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 Castro 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 Summerfield, 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 instance, the median home price in Summerfield is $43,235, and tax bills can range significantly. The 25th percentile tax bill is $375, while the 75th percentile tax bill is $909. The highest and lowest median tax bills are both $759, found in the zip code 79085. 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 Summerfield Assessed Value
$43,235
Average Castro County Assessed Value
$49,105
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summerfield, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79085 | $7,954 | $21,368 | $43,235 | $51,748 | $68,133 |
Source: Ownwell
Property Tax Bills Across Summerfield, Texas
In Summerfield, Castro County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county appraisal district. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $43,235, homeowners can expect their tax bill to vary significantly. At the 25th percentile, the tax bill is around $375, while at the 75th percentile, it rises to $909, and at the 90th percentile, it can reach up to $1,196. Several factors influence these tax bills, including the home's market value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Summerfield's property taxes can be relatively manageable, especially given the lower median home prices. However, for homeowners, these taxes represent a significant annual expense that must be budgeted for, impacting overall affordability and financial planning.
Average Summerfield Tax Bill
$759
Average Castro County Tax Bill
$1,097
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Summerfield, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79085 | $72 | $375 | $759 | $909 | $1,196 |
Source: Ownwell