Spearman, Texas Property Taxes
The median property tax rate in Spearman, TX is 2.50%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Spearman at $82,115, the typical annual property tax bill reaches $1,942, which is below the national median of $2,690. Property taxes in Spearman 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 Spearman'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 Spearman 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
Spearman, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.5%
Estimate Property Tax Bill
$2,053
$1,899
Ownwell’s Spearman Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Spearman with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Spearman to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities, making financial planning easier. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Spearman, Texas
Property taxes in Spearman, Texas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Spearman stands at 2.50%, which is notably higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Spearman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spearman 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 Spearman's effective property tax rate to other counties in Texas and the national median. For comparison, the 79081 zip code has the highest median property tax rate of 2.50%, while the same zip code also has the lowest median tax rate of 2.50%. Understanding how these cities compare with Spearman provides valuable insights into the varying tax landscape across Hansford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spearman Tax Rate
2.50%
Average Hansford County Tax Rate
2.50%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spearman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79081 | 2.02% | 2.37% | 2.50% | 2.50% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Spearman, Texas
In Spearman, 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 Hansford 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 Spearman, 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 Spearman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 79081 has the highest median tax bill at $1,942. Understanding these dynamics can lead to significant savings and more effective property tax management.
Average Spearman Assessed Value
$82,115
Average Hansford County Assessed Value
$82,016
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spearman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79081 | $17,517 | $42,049 | $82,115 | $144,583 | $226,932 |
Source: Ownwell
Property Tax Bills Across Spearman, Texas
In Spearman, Hansford County, TX, property tax bills are determined based on the assessed value of a property and the local tax rate. The assessed value is an estimate of the property's market value, which serves as the basis for calculating the tax bill. Factors such as property type, size, and location play a significant role in determining this value. For homeowners in Spearman, the median home price is around $82,115. The tax bill can vary significantly, with the 25th percentile at approximately $1,000 and the 75th percentile reaching up to $3,434. For those in the 90th percentile, tax bills can soar to about $5,409. These variations reflect differences in property values and specific circumstances affecting each home. Compared to the national median property tax rate of 0.99%, the tax rates in Spearman can lead to a range of tax bills, influencing homeowners' annual expenses. Understanding these factors and how they interplay is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Spearman Tax Bill
$1,942
Average Hansford County Tax Bill
$1,940
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Spearman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79081 | $389 | $1,000 | $1,942 | $3,434 | $5,409 |
Source: Ownwell