Savoy, Texas Property Taxes
The median property tax rate in Savoy, TX is 1.27%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $178,580 in Savoy, the typical annual property tax bill amounts to $2,147, falling below the national median of $2,690. Property taxes in Savoy are calculated 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. Understanding Savoy'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 Savoy 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
Savoy, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$2,268
$2,098
Ownwell’s Savoy Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Savoy. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Savoy to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making it easier to plan and budget accordingly. For those interested in more granular details, you can explore trends on a neighborhood level by scrolling down for localized information. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Savoy, Texas
Property taxes in Savoy, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Savoy is 1.27%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Savoy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Savoy 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 Savoy's effective property tax rate to other counties in Texas and the national median. For comparison, the 75479 zip code has the highest median property tax rate of 1.27%, while the 75479 zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Savoy provides valuable insights into the varying tax landscape across Fannin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Savoy Tax Rate
1.27%
Average Fannin County Tax Rate
1.33%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Savoy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75479 | 0.53% | 0.91% | 1.27% | 1.54% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Savoy, Texas
In Savoy, 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 Fannin 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 Savoy, 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 Savoy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Savoy is $178,580, with the highest and lowest median tax bills recorded at $2,147 in the 75479 zip code.
Average Savoy Assessed Value
$178,580
Average Fannin County Assessed Value
$196,430
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Savoy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75479 | $54,830 | $100,200 | $178,580 | $346,760 | $558,880 |
Source: Ownwell
Property Tax Bills Across Savoy, Texas
In Savoy, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Savoy is $178,580, and property taxes are calculated based on this value. The assessed value of a property is multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, location, and market trends can influence the assessed value. For homeowners, the tax bill can vary significantly. In Savoy, the 25th percentile tax bill is $1,155, while the 75th percentile reaches $3,400, and the 90th percentile can soar to $5,195. These variations reflect differences in property values and individual assessments. Compared to the national median property tax rate of 0.99%, Savoy's tax bills indicate a range of financial impacts on homeowners. Understanding these factors can help homeowners anticipate and manage their property tax obligations more effectively.
Average Savoy Tax Bill
$2,147
Average Fannin County Tax Bill
$2,400
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Savoy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75479 | $585 | $1,155 | $2,147 | $3,400 | $5,195 |
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 | |
|---|---|
| Fannin Appraisal District | |
| Website | esearch.fannincad.org |