Wichita Falls, Texas Property Taxes
The median property tax rate in Wichita Falls, TX is 1.58%, considerably higher than the national median of 0.99% but slightly lower than the Texas state median of 1.67%. With the median home value in Wichita Falls being $123,765, the typical annual property tax bill reaches $1,950, which is below the national median of $2,690. Property taxes in Wichita Falls 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 Wichita Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wichita Falls 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
Wichita Falls, 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 Wichita Falls Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wichita Falls with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Wichita Falls to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property's assessed value is determined by Clay County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Wichita Falls, Texas
Property taxes in Wichita Falls, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wichita Falls is 1.58%, which is higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Wichita Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wichita Falls 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 Wichita Falls' effective property tax rate to other counties in Texas and the national median. For comparison, the 76305 zip code has the highest median property tax rate of 1.65%, while the 76301 zip code has the lowest median tax rate of 1.09%. Understanding how these cities compare with Wichita Falls 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 Wichita Falls Tax Rate
1.58%
Average Clay County Tax Rate
1.65%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wichita Falls, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76301 | 0.25% | 0.56% | 1.09% | 1.62% | 1.93% |
| 76305 | 1.30% | 1.56% | 1.65% | 1.65% | 1.65% |
| 76309 | 1.51% | 1.51% | 1.64% | 1.74% | 1.75% |
| 76310 | 1.51% | 1.51% | 1.58% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Wichita Falls, Texas
In Wichita Falls, 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. In Wichita Falls, 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 highest median tax bill in Wichita Falls is $2,075 in the 76305 zip code, while the lowest median tax bill is $129 in the 76309 zip code. 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 Wichita Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wichita Falls Assessed Value
$123,765
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 Wichita Falls, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76301 | $24,700 | $36,640 | $56,540 | $76,440 | $88,380 |
| 76305 | $15,720 | $49,612 | $130,560 | $239,595 | $336,030 |
| 76309 | $5,644 | $7,480 | $8,550 | $9,070 | $17,590 |
| 76310 | $7,480 | $17,050 | $108,260 | $242,880 | $367,508 |
Source: Ownwell
Property Tax Bills Across Wichita Falls, Texas
In Wichita Falls, located in Clay County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local appraisal district. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Wichita Falls, the median home price is $123,765, and property tax rates can significantly impact their financial obligations. Several factors influence the tax bill, including property location, home improvements, and market trends. For instance, property tax bills in Wichita Falls range widely, with the 25th percentile paying around $490 and the 75th percentile facing bills as high as $3,843. At the 90th percentile, homeowners might see tax bills reach up to $5,466. The highest median tax bill in the area is $2,075 in the 76305 zip code, while the lowest is $129 in the 76309 zip code. These property taxes fund essential local services such as schools, infrastructure, and public safety, directly affecting the community's quality of life.
Average Wichita Falls Tax Bill
$1,950
Average Clay County Tax Bill
$1,547
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Wichita Falls, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76301 | $212 | $521 | $1,036 | $1,551 | $1,859 |
| 76305 | $170 | $714 | $2,075 | $3,866 | $5,404 |
| 76309 | $92 | $113 | $129 | $159 | $293 |
| 76310 | $113 | $162 | $1,649 | $3,827 | $5,778 |
Source: Ownwell