Rainbow, Texas Property Taxes
The median property tax rate in Rainbow, TX is 1.17%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $328,850, the typical annual property tax bill in Rainbow reaches $3,898, surpassing the national median of $2,690. Property taxes in Rainbow are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Rainbow'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 Rainbow or another part of the city, being knowledgeable about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rainbow, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$3,848
$3,560
Ownwell’s Rainbow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rainbow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rainbow 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 Rainbow, Texas
Property taxes in Rainbow, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rainbow is 1.17%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Rainbow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rainbow 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 Rainbow's effective property tax rate to other counties in Texas and the national median. For comparison, the 76077 zip code has the highest median property tax rate of 1.17%, while the 76077 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Rainbow provides valuable insights into the varying tax landscape across Somervell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rainbow Tax Rate
1.17%
Average Somervell County Tax Rate
1.34%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rainbow, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76077 | 0.58% | 0.94% | 1.17% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Rainbow, Texas
In Rainbow, 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 Somervell 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 Rainbow, 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 Rainbow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,898, found in zip code 76077.
Average Rainbow Assessed Value
$328,850
Average Somervell County Assessed Value
$301,475
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rainbow, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76077 | $85,498 | $170,040 | $328,850 | $502,600 | $714,376 |
Source: Ownwell
Property Tax Bills Across Rainbow, Texas
In Rainbow, Somervell County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county's appraisal district. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the home's market value, location, and any applicable exemptions play a significant role in this calculation. For instance, the median home price in Rainbow is $328,850. Homeowners in Rainbow experience varying tax bills. For those in the 25th percentile, the tax bill is approximately $2,125, while those in the 75th percentile pay around $5,536. At the 90th percentile, the tax bill can reach up to $6,924. This variation can significantly affect homeowners' finances, influencing decisions on home buying and budgeting. Compared to the national median property tax rate of 0.99%, Rainbow's rates can lead to higher tax bills, making it crucial for homeowners to understand and potentially appeal their assessments to ensure fair taxation.
Average Rainbow Tax Bill
$3,898
Average Somervell County Tax Bill
$3,715
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Rainbow, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76077 | $938 | $2,125 | $3,898 | $5,536 | $6,924 |
Source: Ownwell