Big Spring, Texas Property Taxes
The median property tax rate in Big Spring, TX is 0.90%, which is lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $52,440 in Big Spring, the typical annual property tax bill amounts to $492, significantly below the national median of $2,690. Property taxes in Big Spring are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Big Spring'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 Big Spring 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
Big Spring, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$472
$437
Ownwell’s BIG SPRING Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BIG SPRING with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BIG SPRING 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 Big Spring, Texas
Property taxes in Big Spring, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Spring is 1.85%, significantly higher than both the Texas state median of 1.60% and the U.S. national median of 0.99%. Local government entities within Big Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Spring 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 Big Spring's effective property tax rate to other counties in Texas and the national median. For comparison, the 79720 zip code has the highest median property tax rate of 1.85%, while the 79720 zip code also has the lowest median tax rate of 1.85%. Understanding how these cities compare with Big Spring provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Spring Tax Rate
0.90%
Average Glasscock County Tax Rate
0.90%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Spring, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79720 | 0.17% | 0.81% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Big Spring, Texas
In Big Spring, 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 Glasscock 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 Big Spring, 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 Big Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $492 in the 79720 zip code, which also has the lowest median tax bill at $492.
Average Big Spring Assessed Value
$52,440
Average Glasscock County Assessed Value
$65,276
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Spring, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79720 | $19,234 | $34,623 | $52,440 | $73,344 | $121,080 |
Source: Ownwell
Property Tax Bills Across Big Spring, Texas
In Big Spring, located within Glasscock County, TX, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local appraisal district and reflects the market value of the property. Homeowners then multiply this assessed value by the local tax rate to determine their annual tax bill. The median home price in Big Spring is $52,440, and property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $259, while at the 75th percentile, it rises to $612. At the 90th percentile, homeowners might see a tax bill as high as $1,095. These property taxes fund essential local services such as schools, public safety, and infrastructure. While the national median property tax rate is 0.99%, the specific rate in Big Spring can result in varying financial impacts on homeowners, depending on the assessed value of their property and the corresponding tax rate.
Average Big Spring Tax Bill
$492
Average Glasscock County Tax Bill
$576
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Spring, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79720 | $47 | $259 | $492 | $612 | $1,095 |
Source: Ownwell