Petrolia, Texas Property Taxes
The median property tax rate in Petrolia, TX is 1.89%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Petrolia, the typical annual property tax bill reaches $808. Property taxes in Petrolia 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 Petrolia'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 Petrolia 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
Petrolia, 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 Petrolia Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Petrolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petrolia 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 Petrolia, Texas
Property taxes in Petrolia, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petrolia is 1.89%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Petrolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petrolia 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 Petrolia's effective property tax rate to other counties in Texas and the national median. For comparison, the 76377 zip code has the highest median property tax rate of 1.89%, while the 76377 zip code has the lowest median tax rate of 1.89%. Understanding how these cities compare with Petrolia provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petrolia Tax Rate
1.89%
Average Clay County Tax Rate
1.65%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petrolia, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76377 | 1.61% | 1.89% | 1.89% | 1.89% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Petrolia, Texas
In Petrolia, 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 Clay 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 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. Being aware of these valuation processes in Petrolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Petrolia's median home price is $43,560, with median tax bills ranging from $134 at the 25th percentile to $2,641 at the 90th percentile. The highest and lowest median tax bills, both at $808, are found in the 76377 zip code.
Average Petrolia Assessed Value
$43,560
Average Clay County Assessed Value
$87,850
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petrolia, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76377 | $2,660 | $8,815 | $43,560 | $94,990 | $142,490 |
Source: Ownwell
Property Tax Bills Across Petrolia, Texas
In Petrolia, Clay County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Petrolia can expect their tax bills to vary significantly, with the 25th percentile at $134 and the 75th percentile at $1,785. At the higher end, the 90th percentile tax bill reaches $2,641. The median home price in Petrolia is $43,560, which is considerably lower than the national median, making the property taxes more manageable for many residents. Compared to the national median property tax rate of 0.99%, Petrolia's rates provide some relief to homeowners. However, the variation in tax bills indicates that individual circumstances such as property improvements, exemptions, and specific neighborhood assessments can significantly impact the final amount owed. Homeowners should be aware of these factors to better understand their property tax obligations and potential fluctuations in their annual bills.
Average Petrolia Tax Bill
$808
Average Clay County Tax Bill
$1,547
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Petrolia, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76377 | $50 | $134 | $808 | $1,785 | $2,641 |
Source: Ownwell