Albany, Texas Property Taxes
The median property tax rate in Albany, TX is 2.09%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Albany at $84,433, the typical annual property tax bill reaches $1,577, which is below the national median of $2,690. Property taxes in Albany 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 Albany'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 Albany 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
Albany, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$1,765
$1,633
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Texas
Property taxes in Albany, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 2.09%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Texas and the national median. For comparison, the 76430 zip code has the highest median property tax rate of 2.09%, while the 76430 zip code also has the lowest median tax rate of 2.09%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Shackelford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
2.09%
Average Shackelford County Tax Rate
1.95%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76430 | 1.48% | 1.64% | 2.09% | 2.16% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Texas
In Albany, 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 Shackelford 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 Albany, 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. For instance, the highest median tax bill in Albany is $1,577 in the 76430 zip code, while the lowest is also $1,577 in the same zip code. Being aware of these valuation processes in Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Albany Assessed Value
$84,433
Average Shackelford County Assessed Value
$78,175
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76430 | $12,920 | $42,258 | $84,433 | $157,365 | $263,484 |
Source: Ownwell
Property Tax Bills Across Albany, Texas
In Albany, TX, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Albany is $84,433. The property tax rate in Shackelford County, where Albany is located, is applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $763, while those in the 75th percentile may see bills closer to $2,974. At the higher end, the 90th percentile tax bill reaches approximately $4,697. Several factors influence the assessed value, including the property's location, size, and condition. These property taxes fund essential local services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Albany's tax rates can significantly impact homeowners' financial planning, making it crucial for them to understand how their tax bills are determined and what they can expect to pay annually.
Average Albany Tax Bill
$1,577
Average Shackelford County Tax Bill
$1,360
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76430 | $254 | $763 | $1,577 | $2,974 | $4,697 |
Source: Ownwell