Panola, Texas Property Taxes
The median property tax rate in Panola, TX is 1.22%, slightly above the national median of 0.99% but below the Texas state median of 1.67%. With a median home value of $61,650 in Panola, the typical annual property tax bill is $734, which is significantly lower than the national median of $2,690. Property taxes in Panola are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural use. Understanding Panola'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 Panola 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
Panola, 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 PANOLA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PANOLA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PANOLA 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 Panola, Texas
Property taxes in Panola, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Panola is 1.22%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Panola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Panola 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 Panola's effective property tax rate to other counties in Texas and the national median. For comparison, the 75685 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Panola 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 Panola Tax Rate
1.22%
Average Panola County Tax Rate
1.51%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Panola, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75685 | 1.17% | 1.20% | 1.22% | 1.24% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Panola, Texas
In Panola, 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 Panola, 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. For instance, the highest median tax bill in Panola is $734 in the 75685 zip code. 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 Panola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Panola Assessed Value
$61,650
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 Panola, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75685 | $51,493 | $57,752 | $61,650 | $79,008 | $109,495 |
Source: Ownwell
Property Tax Bills Across Panola, Texas
In Panola, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Panola is $61,650, which serves as a baseline for these calculations. Homeowners in the 25th percentile of tax bills can expect to pay around $674 annually, while those in the 75th percentile pay approximately $992. At the higher end, the 90th percentile tax bill reaches up to $1,410. Factors influencing the property tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Panola's rates result in relatively moderate tax bills, which can be beneficial for homeowners. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Panola Tax Bill
$734
Average Panola County Tax Bill
$1,139
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Panola, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75685 | $613 | $674 | $734 | $992 | $1,410 |
Source: Ownwell