Gary, Texas Property Taxes
The median property tax rate in Gary, Texas is 1.76%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Gary, the typical annual property tax bill reaches $993, which is lower than the national median of $2,690. Property taxes in Gary 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 Gary'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 Gary 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
Gary, 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 Gary Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gary with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gary 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 Gary, Texas
Property taxes in Gary, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gary is 1.76%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Gary set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gary 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 Gary's effective property tax rate to other counties in Texas and the national median. For comparison, the 75643 zip code has the highest median property tax rate of 1.76%, while the 75643 zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Gary provides valuable insights into the varying tax landscape across Panola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gary Tax Rate
1.76%
Average Panola County Tax Rate
1.51%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gary, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75643 | 1.51% | 1.64% | 1.76% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Gary, Texas
In Gary, 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 Panola 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 Gary, 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. The highest median tax bill in Gary is $993 in the 75643 zip code, while the lowest is also $993 in the same zip code. Being aware of these valuation processes in Gary helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gary Assessed Value
$59,560
Average Panola County Assessed Value
$71,020
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gary, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75643 | $9,926 | $26,975 | $59,560 | $119,615 | $195,295 |
Source: Ownwell
Property Tax Bills Across Gary, Texas
In Gary, Panola County, TX, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Gary is $59,560, which is significantly lower than the national median. Property tax rates in Gary are applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile pay around $447, while those in the 75th percentile face a tax bill of approximately $1,994. At the higher end, the 90th percentile of homeowners pay up to $3,357. Several factors influence these tax bills, including property size, location, and any applicable exemptions. The highest median tax bill recorded in the area is $993, which is relatively modest compared to national figures. These property taxes are essential for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Gary residents. Understanding these factors can help homeowners anticipate their tax responsibilities and plan accordingly.
Average Gary Tax Bill
$993
Average Panola County Tax Bill
$1,139
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Gary, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75643 | $169 | $447 | $993 | $1,994 | $3,357 |
Source: Ownwell