Terrell, Texas Property Taxes
The median property tax rate in Terrell, TX is 1.11%, slightly higher than the national median of 0.99%, yet below the Texas state median of 1.67%. With a median home value of $330,280 in Terrell, the typical annual property tax bill amounts to $3,956, surpassing the national median of $2,690. Property taxes in Terrell are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Terrell'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 Terrell 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
Terrell, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
$2,192
$1,148
Average Terrell, Texas Tax Savings
Ownwell’s Terrell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terrell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terrell to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Terrell. 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 Terrell, Texas
Property taxes in Terrell, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terrell is 1.11%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Terrell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terrell 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 Terrell's effective property tax rate to other counties in Texas and the national median. For comparison, the 75160 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Terrell provides valuable insights into the varying tax landscape across Rockwall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terrell Tax Rate
1.11%
Average Rockwall County Tax Rate
1.49%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terrell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75160 | 1.00% | 1.05% | 1.11% | 1.21% | 1.30% |
Source: Ownwell
$1,148
Average Terrell Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Terrell, Texas
In Terrell, 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 Rockwall 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 Terrell, 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 Terrell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Terrell is $3956 in the 75160 zip code, while the lowest median tax bill is also $3956 in the same zip code.
Average Terrell Assessed Value
$330,280
Average Rockwall County Assessed Value
$416,497
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terrell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75160 | $137,448 | $259,476 | $330,280 | $452,079 | $525,864 |
Source: Ownwell
$1,148
Average Terrell Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Terrell, Texas
In Terrell, Rockwall County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county appraisal district and can significantly impact the tax bill. For instance, a median home price of $330,280 in Terrell can lead to varying tax bills, with the 25th percentile at $3,065 and the 75th percentile reaching $5,139. Factors such as property improvements, market trends, and neighborhood changes are considered in the assessment, influencing how much homeowners pay annually. Homeowners often find these tax bills burdensome, especially when they exceed the national median property tax rate of 0.99%. This is where Ownwell steps in to help. By providing expert property tax appeal and exemption services, Ownwell can identify discrepancies in assessments and work to reduce the tax burden. Our team ensures that homeowners in Terrell pay only their fair share, potentially saving them significant amounts on their property tax bills.
Average Terrell Tax Bill
$3,956
Average Rockwall County Tax Bill
$6,357
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Terrell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75160 | $1,446 | $3,065 | $3,956 | $5,139 | $5,545 |
Source: Ownwell
$1,148
Average Terrell Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Rockwall Appraisal District | |
| Phone | (972) 771-2034 |
| Website | www.rockwallcad.com |
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