New Home, Texas Property Taxes
The median property tax rate in New Home, TX is 1.92%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in New Home at $78,795, the typical annual property tax bill reaches $992, which is still below the national median of $2,690. Property taxes in New Home are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Home'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 New Home 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
New Home, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$1,513
$1,400
Ownwell’s NEW HOME Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NEW HOME with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NEW HOME 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 New Home, Texas
Property taxes in New Home, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Home is 1.92%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within New Home set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Home 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 New Home's effective property tax rate to other counties in Texas and the national median. For comparison, the 79383 zip code has the highest median property tax rate of 2.53%, while the 79381 zip code has the lowest median tax rate of 1.57%. Understanding how these cities compare with New Home provides valuable insights into the varying tax landscape across Lynn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Home Tax Rate
1.92%
Average Lynn County Tax Rate
1.99%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Home, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79381 | 0.58% | 0.73% | 1.57% | 1.77% | 2.52% |
| 79383 | 1.82% | 2.12% | 2.53% | 4.13% | 4.99% |
Source: Ownwell
Property Tax Assessment Values Across New Home, Texas
In NEW HOME, 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 Lynn 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 NEW HOME, 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. The median home price in NEW HOME is $78,795. Zip code 79383 has the highest median tax bill at $1,205, while zip code 79381 has the lowest at $977. 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 NEW HOME helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Home Assessed Value
$78,795
Average Lynn County Assessed Value
$78,045
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Home, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79381 | $13,834 | $30,310 | $135,160 | $208,502 | $466,630 |
| 79383 | $15,027 | $18,330 | $47,545 | $151,815 | $289,257 |
Source: Ownwell
Property Tax Bills Across New Home, Texas
In New Home, Lynn County, TX, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. The tax rate is applied to this assessed value to calculate the annual property tax bill. For instance, the median home price in New Home is $78,795, and the property tax rate is aligned with Texas state averages. Several factors influence the final tax bill, including property improvements, neighborhood trends, and local tax levies. Homeowners in New Home may see varying tax bills, with the 25th percentile at $645 and the 75th percentile at $3,851, indicating a wide range of property values and tax obligations. The highest median tax bill recorded in the area is $1,205, while the lowest is $977. These variations significantly impact homeowners, influencing their annual budgeting and long-term financial planning. Understanding how these factors interplay can help homeowners anticipate and manage their property tax responsibilities effectively.
Average New Home Tax Bill
$992
Average Lynn County Tax Bill
$1,669
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across New Home, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79381 | $486 | $661 | $977 | $1,365 | $4,398 |
| 79383 | $280 | $580 | $1,205 | $4,352 | $7,003 |
Source: Ownwell